Rivian Automotive, Inc. $RIVN Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,179 shares of the electric vehicle automaker’s stock after selling 7,073 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Rivian Automotive were worth $731,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RIVN. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at $33,582,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Rivian Automotive by 1,726.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after purchasing an additional 1,019,038 shares in the last quarter. Point72 Europe London LLP acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at $10,204,000. Finally, Northern Trust Corp grew its position in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after buying an additional 809,064 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 1.0%

Shares of NASDAQ:RIVN opened at $15.59 on Friday. The company has a market cap of $18.92 billion, a price-to-earnings ratio of -4.83 and a beta of 1.81. The firm’s 50-day simple moving average is $13.44 and its 200-day simple moving average is $13.27. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.46) EPS. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Wedbush cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Stifel Nicolaus cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. UBS Group cut their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. cut their price target on shares of Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $13.72.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

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.