Handelsbanken Fonder AB Has $3.46 Million Holdings in Rivian Automotive, Inc. $RIVN

Handelsbanken Fonder AB boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 19.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 235,500 shares of the electric vehicle automaker’s stock after purchasing an additional 38,500 shares during the period. Handelsbanken Fonder AB’s holdings in Rivian Automotive were worth $3,457,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. Assetmark Inc. increased its holdings in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Mather Group LLC. bought a new stake in Rivian Automotive during the 3rd quarter worth approximately $30,000. Hemington Wealth Management raised its holdings in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,580 shares during the period. Finally, WealthCollab LLC raised its holdings in Rivian Automotive by 98.4% during the 2nd quarter. WealthCollab LLC now owns 3,126 shares of the electric vehicle automaker’s stock worth $43,000 after buying an additional 1,550 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and upped their price target for the company from $16.00 to $23.00 in a report on Friday, February 13th. DA Davidson lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $15.00 to $14.00 in a research note on Tuesday, February 17th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Finally, Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Sunday, February 15th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.05.

Insiders Place Their Bets

In related news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 34,900 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $586,320.00. Following the sale, the chief executive officer directly owned 1,044,731 shares in the company, valued at $17,551,480.80. This trade represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 143,527 shares of company stock valued at $2,558,669 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Rivian Automotive Trading Up 0.7%

Rivian Automotive stock opened at $15.11 on Wednesday. The firm has a 50-day moving average of $16.86 and a 200-day moving average of $15.63. Rivian Automotive, Inc. has a one year low of $10.36 and a one year high of $22.69. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The company has a market cap of $18.75 billion, a price-to-earnings ratio of -4.92 and a beta of 1.75.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the business earned ($0.70) earnings per share. Rivian Automotive’s quarterly revenue was down 25.8% on a year-over-year basis. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.