Primecap Management Co. CA Sells 22,620 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Primecap Management Co. CA cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 312,260 shares of the electric vehicle automaker’s stock after selling 22,620 shares during the period. Primecap Management Co. CA’s holdings in Rivian Automotive were worth $4,191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Moors & Cabot Inc. increased its holdings in Rivian Automotive by 30.7% during the 2nd quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 4,220 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Rathbones Group PLC raised its position in Rivian Automotive by 14.1% in the 2nd quarter. Rathbones Group PLC now owns 20,290 shares of the electric vehicle automaker’s stock valued at $272,000 after buying an additional 2,500 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after acquiring an additional 29,218 shares in the last quarter. Finally, Forsta AP Fonden boosted its holdings in Rivian Automotive by 12.7% during the 2nd quarter. Forsta AP Fonden now owns 157,100 shares of the electric vehicle automaker’s stock worth $2,108,000 after acquiring an additional 17,700 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $13,618,074.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders have sold a total of 500,830 shares of company stock worth $7,872,145 over the last ninety days. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Down 1.5 %

Rivian Automotive stock opened at $12.90 on Thursday. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of -2.24 and a beta of 2.06. The firm has a 50 day simple moving average of $14.68 and a 200 day simple moving average of $12.32. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly 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). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on RIVN shares. Mizuho increased their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. DA Davidson lifted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Wells Fargo & Company reduced their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.09.

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.