Rivian Automotive, Inc. $RIVN Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 379,674 shares of the electric vehicle automaker’s stock after selling 4,427 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Rivian Automotive were worth $5,250,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake 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 worth $959,804,000 after acquiring an additional 5,610,688 shares during the period. Northern Trust Corp lifted its stake 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 worth $100,195,000 after acquiring an additional 809,064 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Rivian Automotive by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock worth $62,882,000 after acquiring an additional 309,787 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rivian Automotive by 2.9% in the 1st quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock worth $39,830,000 after acquiring an additional 89,136 shares during the period. Finally, Nuveen LLC acquired a new stake in Rivian Automotive during the first quarter valued at approximately $33,582,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Morgan Stanley cut their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Friday, October 3rd. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Finally, Guggenheim lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $13.76.

Rivian Automotive Stock Down 0.8%

Shares of NASDAQ:RIVN opened at $12.98 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The company has a market cap of $15.75 billion, a PE ratio of -4.02 and a beta of 1.82. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The firm has a 50 day simple moving average of $13.70 and a 200 day simple moving average of $13.50.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS 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% compared to the same quarter last year. During the same quarter last year, the company posted ($1.46) EPS. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by 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.