BlackRock Inc. Acquires 4,924,020 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

BlackRock Inc. increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 9.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,827,991 shares of the electric vehicle automaker's stock after buying an additional 4,924,020 shares during the quarter. BlackRock Inc. owned 5.94% of Rivian Automotive worth $930,094,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC increased its position in Rivian Automotive by 32.8% during the 1st quarter. FMR LLC now owns 34,126,728 shares of the electric vehicle automaker's stock valued at $528,282,000 after purchasing an additional 8,427,507 shares during the period. Moneta Group Investment Advisors LLC purchased a new position in Rivian Automotive during the 4th quarter valued at $228,175,000. Vanguard Group Inc. increased its position in Rivian Automotive by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 9,777,340 shares of the electric vehicle automaker's stock valued at $491,214,000 after purchasing an additional 221,383 shares during the period. State Street Corp increased its position in Rivian Automotive by 3.0% during the 1st quarter. State Street Corp now owns 9,547,650 shares of the electric vehicle automaker's stock valued at $147,795,000 after purchasing an additional 277,742 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Rivian Automotive by 38.7% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,504,619 shares of the electric vehicle automaker's stock valued at $141,687,000 after purchasing an additional 2,374,790 shares during the period. 62.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the company's stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $24.24, for a total transaction of $79,143.60. Following the transaction, the chief financial officer now owns 173,030 shares in the company, valued at approximately $4,194,247.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Rivian Automotive from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, August 9th. Evercore ISI raised shares of Rivian Automotive from an "in-line" rating to an "outperform" rating and set a $35.00 target price on the stock in a research report on Monday, October 2nd. BNP Paribas raised shares of Rivian Automotive from a "neutral" rating to an "outperform" rating and set a $30.00 target price on the stock in a research report on Friday, August 11th. Truist Financial upped their target price on shares of Rivian Automotive from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, August 8th. Finally, Canaccord Genuity Group upped their target price on shares of Rivian Automotive from $40.00 to $44.00 and gave the stock a "buy" rating in a research report on Wednesday, August 9th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $28.95.

Rivian Automotive Stock Performance

RIVN opened at $18.03 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.64 and a current ratio of 4.61. The company's 50-day simple moving average is $18.16 and its two-hundred day simple moving average is $19.53. Rivian Automotive, Inc. has a 52-week low of $11.68 and a 52-week high of $31.60.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.61) by $0.17. The business had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.32 billion. Rivian Automotive had a negative net margin of 148.97% and a negative return on equity of 42.17%. The business's revenue for the quarter was up 149.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.57) EPS. On average, research analysts forecast that Rivian Automotive, Inc. will post -5.94 EPS for the current year.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

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