Skandinaviska Enskilda Banken AB publ Boosts Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Skandinaviska Enskilda Banken AB publ grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,300 shares of the electric vehicle automaker’s stock after purchasing an additional 6,400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Rivian Automotive were worth $1,843,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew 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 buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of 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 purchasing an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC increased its position in shares of Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the last quarter. GAMMA Investing LLC raised its stake in Rivian Automotive by 28.0% in the second 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 in the last quarter. Finally, Certuity LLC lifted its position in Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research reports. 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. Mizuho lifted their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. Morgan Stanley boosted their target price on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Guggenheim began coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. 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. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $11.91 on Tuesday. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of -2.06 and a beta of 2.06. The stock has a fifty day moving average of $14.37 and a 200 day moving average of $12.34. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87. 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 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, research analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The stock was 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 $16,374,438. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 429,401 shares of company stock valued at $7,068,569. 2.30% of the stock is currently owned by corporate insiders.

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.