DekaBank Deutsche Girozentrale Cuts Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

DekaBank Deutsche Girozentrale lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 358,695 shares of the electric vehicle automaker’s stock after selling 25,406 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Rivian Automotive were worth $5,190,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. boosted its position in Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. boosted its position in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC boosted its position in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the last quarter. GAMMA Investing LLC boosted its position in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position in Rivian Automotive by 18.3% during the fourth quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock worth $122,000 after acquiring an additional 802 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were 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 directly owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold a total of 500,830 shares of company stock valued at $7,872,145 in the last ninety days. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN opened at $13.10 on Wednesday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The firm’s 50 day moving average price is $14.80 and its 200 day moving average price is $12.30. The company has a market cap of $13.21 billion, a P/E ratio of -2.27 and a beta of 2.06. 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 (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 the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RIVN. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Piper Sandler reiterated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. The Goldman Sachs Group boosted 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. Wells Fargo & Company decreased their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Company 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.