Swedbank AB Sells 144,348 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 23.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 476,170 shares of the electric vehicle automaker’s stock after selling 144,348 shares during the quarter. Swedbank AB’s holdings in Rivian Automotive were worth $5,343,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Quent Capital LLC lifted its position in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC grew its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Rivian Automotive during the 2nd quarter worth $37,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $12.22 on Thursday. The business has a 50 day moving average of $10.69 and a 200-day moving average of $12.45. The company has a market capitalization of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Wall Street Analyst Weigh In

Several research firms recently commented on RIVN. Mizuho decreased their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Piper Sandler lowered their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Truist Financial lowered their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.73.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,210 shares of company stock worth $3,079,695. 2.51% of the stock is currently owned by company insiders.

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.