Rivian Automotive, Inc. $RIVN Shares Bought by Swedbank AB

Swedbank AB grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 941,304 shares of the electric vehicle automaker’s stock after purchasing an additional 74,322 shares during the quarter. Swedbank AB’s holdings in Rivian Automotive were worth $18,553,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Danske Bank A S grew its position in shares of Rivian Automotive by 36.8% in the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after purchasing an additional 165,300 shares during the period. Trek Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $6,115,000. New York State Common Retirement Fund grew its position in shares of Rivian Automotive by 36.4% in the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock valued at $8,769,000 after purchasing an additional 159,400 shares during the period. DNB Asset Management AS grew its position in shares of Rivian Automotive by 85.4% in the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock valued at $10,691,000 after purchasing an additional 335,511 shares during the period. Finally, Capital International Investors grew its position in shares of Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after purchasing an additional 2,161,394 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $14.22 on Tuesday. The company’s 50-day moving average price is $15.30 and its 200-day moving average price is $16.31. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The company has a market cap of $17.65 billion, a P/E ratio of -4.87 and a beta of 1.64. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69.

Insider Activity

In other news, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 21,446 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the completion of the transaction, the chief executive officer directly owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. This represents a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 92,399 shares of company stock worth $1,443,578. Insiders own 2.16% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Bank of America initiated coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 target price on the stock. Weiss Ratings lowered shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research report on Monday, April 6th. Finally, Leerink Partners reissued an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.