Delap Wealth Advisory LLC Acquires 14,900 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Delap Wealth Advisory LLC grew its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 90.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,453 shares of the electric vehicle automaker’s stock after purchasing an additional 14,900 shares during the quarter. Delap Wealth Advisory LLC’s holdings in Rivian Automotive were worth $422,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. boosted its position in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after purchasing an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in 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 purchasing an additional 3,285,867 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

RIVN has been the subject of several recent analyst reports. Truist Financial upped their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Finally, Morgan Stanley lifted their price target on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.09.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s 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 directly 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 Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated 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 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 can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was 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 directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Insiders have sold 500,830 shares of company stock valued at $7,872,145 in the last three months. 2.30% of the stock is owned by corporate insiders.

Rivian Automotive Stock Down 11.0 %

Shares of NASDAQ RIVN opened at $11.71 on Friday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The business has a fifty day moving average of $14.48 and a two-hundred day moving average of $12.34. The stock has a market cap of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06.

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

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.