Van ECK Associates Corp Increases Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 77.6% during the first quarter, Holdings Channel.com reports. The firm owned 419,645 shares of the electric vehicle automaker’s stock after acquiring an additional 183,370 shares during the quarter. Van ECK Associates Corp’s holdings in Rivian Automotive were worth $4,595,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. Advisors Asset Management Inc. grew its holdings in Rivian Automotive by 12.9% in the third quarter. Advisors Asset Management Inc. now owns 28,403 shares of the electric vehicle automaker’s stock worth $690,000 after purchasing an additional 3,247 shares during the period. Lido Advisors LLC bought a new position in shares of Rivian Automotive in the third quarter worth approximately $258,000. Legal & General Group Plc lifted its stake in shares of Rivian Automotive by 10.0% in the third quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after buying an additional 358,512 shares in the last quarter. Scotia Capital Inc. lifted its stake in shares of Rivian Automotive by 239.3% in the third quarter. Scotia Capital Inc. now owns 74,311 shares of the electric vehicle automaker’s stock worth $1,804,000 after buying an additional 52,407 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Rivian Automotive by 36.7% in the third quarter. Royal London Asset Management Ltd. now owns 241,140 shares of the electric vehicle automaker’s stock worth $5,858,000 after buying an additional 64,725 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Canaccord Genuity Group raised their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Royal Bank of Canada raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.12 on Friday, hitting $14.77. 35,017,805 shares of the stock traded hands, compared to its average volume of 43,781,004. The firm has a market cap of $14.70 billion, a price-to-earnings ratio of -2.50 and a beta of 2.08. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The firm has a 50 day simple moving average of $11.14 and a two-hundred day simple moving average of $13.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -4.87 earnings per share for the current fiscal year.

Rivian Automotive Company 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.