Elo Mutual Pension Insurance Co Purchases 25,442 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Elo Mutual Pension Insurance Co raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 112.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,122 shares of the electric vehicle automaker’s stock after acquiring an additional 25,442 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Rivian Automotive were worth $646,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of RIVN. Quent Capital LLC boosted its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive in the 1st quarter valued at $33,000. Finally, Fairman Group LLC acquired a new position in shares of Rivian Automotive during the 4th quarter valued at $36,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related 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 of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,830 shares of company stock worth $7,872,145. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Down 11.0 %

RIVN stock opened at $11.71 on Friday. The stock has a market cap of $11.66 billion, a P/E ratio of -2.03 and a beta of 2.06. The stock’s fifty day simple moving average is $14.48 and its two-hundred day simple moving average is $12.34. 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, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Analysts expect that Rivian Automotive, Inc. will post -4.92 EPS for the current year.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. JPMorgan Chase & Co. upped their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Needham & Company LLC reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. UBS Group decreased their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Wells Fargo & Company cut their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One equities research 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. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average 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.