Swedbank AB Purchases 26,474 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 5.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 502,644 shares of the electric vehicle automaker's stock after acquiring an additional 26,474 shares during the quarter. Swedbank AB's holdings in Rivian Automotive were worth $6,685,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of RIVN. Envestnet Asset Management Inc. raised its holdings in shares of Rivian Automotive by 20.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker's stock worth $2,309,000 after acquiring an additional 29,218 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Rivian Automotive by 90.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker's stock worth $970,000 after buying an additional 34,303 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Rivian Automotive by 149.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker's stock worth $699,000 after buying an additional 31,232 shares during the period. Cetera Investment Advisers boosted its holdings in Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker's stock valued at $2,823,000 after purchasing an additional 18,243 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in Rivian Automotive in the 2nd quarter valued at $550,000. Institutional investors own 66.25% of the company's stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock valued at $4,958,860 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Rivian Automotive stock traded down $0.10 during midday trading on Wednesday, reaching $12.77. The company's stock had a trading volume of 13,824,629 shares, compared to its average volume of 35,529,805. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock's 50 day simple moving average is $13.49 and its 200 day simple moving average is $12.74. The firm has a market capitalization of $13.03 billion, a PE ratio of -2.28 and a beta of 2.04.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 22nd. Finally, Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $15.13.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.