Daiwa Securities Group Inc. Sells 15,817 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Daiwa Securities Group Inc. trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,727 shares of the electric vehicle automaker’s stock after selling 15,817 shares during the period. Daiwa Securities Group Inc.’s holdings in Rivian Automotive were worth $815,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. boosted its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. Laidlaw Wealth Management LLC boosted its holdings in Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. GAMMA Investing LLC boosted its holdings in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in Rivian Automotive by 18.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after purchasing an additional 802 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.50 on Monday. The firm’s 50-day moving average price is $14.85 and its 200-day moving average price is $12.28. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on RIVN. Barclays raised their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, July 16th. Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Wolfe Research assumed coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.09.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated 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 directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold 417,497 shares of company stock valued at $6,732,150 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

About Rivian Automotive

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.