13,602 Shares in Rivian Automotive, Inc. $RIVN Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 13,602 shares of the electric vehicle automaker’s stock, valued at approximately $187,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RIVN. Brighton Jones LLC lifted its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Rivian Automotive by 30.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 34,842 shares of the electric vehicle automaker’s stock valued at $434,000 after purchasing an additional 8,231 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Rivian Automotive by 107.9% in the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker’s stock valued at $41,000 after purchasing an additional 1,714 shares in the last quarter. Perigon Wealth Management LLC raised its position in shares of Rivian Automotive by 18.1% in the 1st quarter. Perigon Wealth Management LLC now owns 16,089 shares of the electric vehicle automaker’s stock valued at $200,000 after purchasing an additional 2,467 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Rivian Automotive by 51.7% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 255,695 shares of the electric vehicle automaker’s stock valued at $3,183,000 after purchasing an additional 87,185 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Friday, October 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Monday, August 25th. Mizuho reaffirmed an “underperform” rating and issued a $10.00 target price (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Wedbush cut their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Reduce” and a consensus price target of $13.76.

Rivian Automotive Stock Performance

RIVN stock opened at $13.50 on Wednesday. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm has a market cap of $16.38 billion, a P/E ratio of -4.18 and a beta of 1.82. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The stock’s 50 day simple moving average is $13.75 and its 200 day simple moving average is $13.55.

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

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction 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 owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by company insiders.

Rivian Automotive Company 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.