DNB Asset Management AS Acquires 46,598 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

DNB Asset Management AS increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 439,656 shares of the electric vehicle automaker’s stock after purchasing an additional 46,598 shares during the period. DNB Asset Management AS’s holdings in Rivian Automotive were worth $5,900,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. lifted its position in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after acquiring an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares during the last quarter. Finally, Norges Bank acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $129,427,000. Institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The disclosure for this sale can be found here. Insiders have sold a total of 485,716 shares of company stock worth $7,509,309 over the last quarter. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wedbush raised their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. Barclays raised their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Wells Fargo & Company raised their price objective on shares of Rivian Automotive from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Canaccord Genuity Group raised their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Finally, Needham & Company LLC lifted their price target on shares of Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.92.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded up $0.19 during trading on Tuesday, hitting $14.80. The company’s stock had a trading volume of 31,171,733 shares, compared to its average volume of 43,066,887. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $25.74. The stock has a 50-day moving average price of $13.82 and a two-hundred day moving average price of $12.54.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -4.68 earnings per share for the current fiscal year.

About Rivian Automotive

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.