Swedbank AB Has $5.34 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Swedbank AB decreased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 23.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 476,170 shares of the electric vehicle automaker’s stock after selling 144,348 shares during the quarter. Swedbank AB’s holdings in Rivian Automotive were worth $5,343,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Tidal Investments LLC increased its stake in Rivian Automotive by 59.1% in the first quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock valued at $2,706,000 after purchasing an additional 91,810 shares in the last quarter. Comerica Bank raised its stake in Rivian Automotive by 60.8% during the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock worth $251,000 after buying an additional 8,653 shares during the period. Advisory Resource Group acquired a new stake in Rivian Automotive in the first quarter valued at approximately $156,000. EMC Capital Management increased its holdings in shares of Rivian Automotive by 68.0% during the first quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker’s stock valued at $134,000 after acquiring an additional 5,100 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Rivian Automotive by 151.5% during the first quarter. Cetera Investment Advisers now owns 192,138 shares of the electric vehicle automaker’s stock worth $2,104,000 after purchasing an additional 115,741 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,210 shares of company stock worth $3,079,695. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Up 5.8 %

Rivian Automotive stock opened at $12.22 on Thursday. The firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. The firm has a 50 day simple moving average of $10.69 and a 200 day simple moving average of $12.45. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Robert W. Baird decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Truist Financial decreased their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Canaccord Genuity Group cut their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Piper Sandler cut their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.73.

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.