Mitsubishi UFJ International Asset Management Co., Ltd. increased its stake in Rivian Automotive (NASDAQ:RIVN – Get Rating) by 27.4% in the third quarter, according to its latest 13F filing with the SEC. Institutional investors owned 208,682 shares in the electric vehicle maker after acquiring an additional 44,922 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s Rivian Automotive holdings were valued at $6,868,000 as of the latest filing with the SEC.
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Several other institutional investors and hedge funds have also changed positions in the business. Milestone Wealth LLC boosted his position in Rivian Automotive stock by 38.5% in the second quarter. Milestone Wealth LLC now owns 1,385 shares of the electric vehicle manufacturer worth $36,000 after purchasing an additional 385 shares during this period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted his position in Rivian Automotive stocks by 51.6% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,443 shares of the electric vehicle manufacturer, valued at $38,000, after purchasing an additional 491 shares during this period. Eaton Vance Management boosted his position in Rivian Automotive stocks by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle maker worth $394,000 after purchasing an additional 497 shares during this period. Bartlett & Co. LLC boosted its position in Rivian Automotive stock by 104.2% in the second quarter. Bartlett & Co. LLC now owns 980 shares of the electric vehicle manufacturer worth $25,000 after purchasing an additional 500 shares during this period. Finally, Lindbrook Capital LLC boosted its position in Rivian Automotive equities by 80.9% in the second quarter. Lindbrook Capital LLC now owns 1,149 shares of the electric vehicle manufacturer, valued at $30,000, after purchasing an additional 514 shares during this period. 67.97% of the shares are owned by institutional investors and hedge funds.
Analyst sets new price target
A number of brokerage firms have recently issued reports on RIVN. Wells Fargo & Company lowered Rivian Automotive’s target price from his $35.00 to $32.00 in a research report on Thursday, November 10, giving the company an “equal weight” rating. Mizuho lowered Rivian Automotive’s price target from $58.00 to $50.00, giving the company a ‘buy’ rating in its research notes on Tuesday, December 20. Evercore ISI kicked off his Rivian Automotive coverage in a research note on Tuesday, November 29th. They set an “inline” valuation and a company price target of $35.00. Wedbush has lowered Rivian Automotive’s price target from $45.00 to $37.00 and rated the company “Outperform” in its research notes on Thursday, November 10. Finally, the Royal Bank of Canada lowered Rivian Automotive’s price target from $61.00 to $50.00, setting the company’s rating to “Outperform” in its research notes on Thursday, November 10. Two investment analysts assigned a sell rating, six assigned a hold rating, and 12 assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “moderate buy” with an average target price of 43.38.
Rivian Auto Stock Performance
RIVN opened Thursday at 16.50. The stock has a market cap of $15.2 billion, a P/E of -1.59 and a beta of 1.84. The company has a debt to equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39. The stock price has a 50-day simple moving average of 24.20 and a 200-day simple moving average of 30.33. Rivian Automotive, Inc. has a one-year low of 15.82 and a one-year high of 76.32.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last reported quarterly results on Wednesday, November 9th. The electric car maker posted his earnings per share of -1.57 for the quarter, beating analysts’ consensus forecast of -1.78 by 0.21. Quarterly revenue for the business was $536 million, compared to analyst estimates of $513.89 million. Rivian Automotive’s return on equity was 32.42% and net profit margin was 714.01%. As a group, equity analysts expect Rivian Automotive, Inc. to post -7.41 EPS for the current financial year.
insider trading
In other Rivian Automotive news, CAO Jeff Baker sold 1,689 shares of stock on Tuesday, November 15th. The shares were sold at an average price of 34.38 and the total transaction value he was 58,067.82. After the sale, the Chief Accounting Officer now owns his 89,331 shares in the company, valued at approximately 3,071,199.78. The sale was disclosed in legal filings with the SEC available at this link. In other Rivian Automotive news, CAO Jeff Baker sold his 1,689 shares on Tuesday, November 15th. The shares were sold at an average price of 34.38 and the total transaction value he was 58,067.82. After the sale, the Chief Accounting Officer now owns his 89,331 shares in the company, valued at approximately 3,071,199.78. The sale was disclosed in legal filings with the SEC available at this link. Also, CFO Claire Mcdonough sold her 14,235 shares on Tuesday, November 15th. The shares were sold at an average price of 34.92 and her total was 497,086.20. After the sale, the Chief Financial Officer now owns her 81,151 shares in the company, valued at approximately $2,833,792.92. Please see here for the disclosure of this sale. The insider owns his 2.34% of the company’s shares.
Company Overview of Rivian Automotive
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Rivian Automotive, Inc designs, develops, manufactures and markets electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. Partnering with Amazon.com to offer his Rivian commercial vehicle platform for electric delivery vans. The company sells its products directly to customers in the consumer and commercial markets.
References
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