Swedbank AB Makes New $6.89 Million Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 628,945 shares of the electric vehicle automaker’s stock, valued at approximately $6,887,000. Swedbank AB owned about 0.06% of Rivian Automotive as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter worth $26,000. Principal Securities Inc. acquired a new position in Rivian Automotive in the fourth quarter valued at about $33,000. Arlington Trust Co LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $35,000. Fairman Group LLC acquired a new position in Rivian Automotive during the 4th quarter worth about $36,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several analyst reports. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, July 1st. Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price for the company. Needham & Company LLC lifted their price target on Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Royal Bank of Canada increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday, July 1st. Finally, Wells Fargo & Company upped their target price on shares of Rivian Automotive from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus price target of $19.92.

Rivian Automotive Price Performance

RIVN traded down $0.52 during midday trading on Friday, hitting $14.72. The company had a trading volume of 26,970,034 shares, compared to its average volume of 39,724,288. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The firm’s 50-day simple moving average is $13.82 and its 200-day simple moving average is $12.61. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $27.01. The company has a market capitalization of $14.65 billion, a PE ratio of -2.55 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -4.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. In the last ninety days, insiders sold 485,716 shares of company stock valued at $7,509,309. Company insiders own 2.30% of the company’s stock.

Rivian Automotive 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.