Ethic Inc. Has $861,000 Position in Rivian Automotive, Inc. $RIVN

Ethic Inc. raised its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 64.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 63,315 shares of the electric vehicle automaker’s stock after acquiring an additional 24,840 shares during the period. Ethic Inc.’s holdings in Rivian Automotive were worth $861,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in RIVN. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. Nuveen LLC acquired a new position in shares of Rivian Automotive during the 1st quarter worth about $33,582,000. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 acquiring an additional 1,019,038 shares during the last quarter. Point72 Europe London LLP acquired a new stake in shares of Rivian Automotive during the first quarter worth about $10,204,000. Finally, Northern Trust Corp raised its holdings in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after buying an additional 809,064 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Up 3.3%

NASDAQ:RIVN opened at $13.41 on Tuesday. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of -4.15 and a beta of 1.82. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average price is $13.72 and its two-hundred day moving average price is $13.54.

Rivian Automotive (NASDAQ:RIVN) last released 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). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the business posted ($1.46) earnings per share. Rivian Automotive’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s 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 transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,147 shares of company stock valued at $577,593. Insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RIVN. Zacks Research cut shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Cfra Research upgraded Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group upped their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $13.76.

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.