Rakuten Investment Management Inc. Makes New Investment in Rivian Automotive, Inc. $RIVN

Rakuten Investment Management Inc. purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the third quarter, HoldingsChannel reports. The institutional investor purchased 199,521 shares of the electric vehicle automaker’s stock, valued at approximately $2,929,000.

Several other hedge funds also recently modified their holdings of RIVN. TD Asset Management Inc increased its position in Rivian Automotive by 1.2% during the second quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after acquiring an additional 870 shares during the period. PFS Partners LLC grew its position in Rivian Automotive by 50.5% in the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock worth $41,000 after purchasing an additional 1,000 shares during the last quarter. TruNorth Capital Management LLC increased its holdings in shares of Rivian Automotive by 25.2% during the 2nd quarter. TruNorth Capital Management LLC now owns 4,975 shares of the electric vehicle automaker’s stock worth $68,000 after purchasing an additional 1,000 shares during the period. Newbridge Financial Services Group Inc. raised its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Finally, SteelPeak Wealth LLC lifted its stake in shares of Rivian Automotive by 7.7% in the third quarter. SteelPeak Wealth LLC now owns 14,494 shares of the electric vehicle automaker’s stock valued at $213,000 after buying an additional 1,036 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $15.95 on Friday. The business’s fifty day moving average price is $18.02 and its two-hundred day moving average price is $15.14. Rivian Automotive, Inc. has a fifty-two week low of $10.36 and a fifty-two week high of $22.69. The stock has a market capitalization of $19.55 billion, a price-to-earnings ratio of -5.13 and a beta of 1.77. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the business earned ($1.08) earnings per share. The business’s revenue was up 78.3% on a year-over-year basis. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday. DA Davidson lifted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Piper Sandler raised their target price on Rivian Automotive from $14.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, January 8th. Finally, Stifel Nicolaus boosted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. Eight investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and eight have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.23.

Insider Activity at Rivian Automotive

In other news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 172,504 shares of company stock valued at $3,012,734 in the last ninety days. Insiders own 2.16% of the company’s stock.

Rivian Automotive 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.