Mirae Asset Global Investments Co. Ltd. lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 1,521.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,327,941 shares of the electric vehicle automaker’s stock after purchasing an additional 5,937,605 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.65% of Rivian Automotive worth $69,291,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Advisors Asset Management Inc. increased its holdings in Rivian Automotive by 12.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 28,403 shares of the electric vehicle automaker’s stock worth $690,000 after buying an additional 3,247 shares during the period. Lido Advisors LLC acquired a new position in Rivian Automotive in the 3rd quarter worth approximately $258,000. Legal & General Group Plc increased its holdings in Rivian Automotive by 10.0% in the 3rd quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after buying an additional 358,512 shares during the period. Scotia Capital Inc. grew its stake in shares of Rivian Automotive by 239.3% during the 3rd quarter. Scotia Capital Inc. now owns 74,311 shares of the electric vehicle automaker’s stock worth $1,804,000 after purchasing an additional 52,407 shares during the period. Finally, Royal London Asset Management Ltd. grew its stake in shares of Rivian Automotive by 36.7% during the 3rd quarter. Royal London Asset Management Ltd. now owns 241,140 shares of the electric vehicle automaker’s stock worth $5,858,000 after purchasing an additional 64,725 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is owned by company insiders.
Rivian Automotive Stock Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.87 earnings per share for the current year.
Wall Street Analysts Forecast Growth
RIVN has been the topic of a number of analyst reports. Royal Bank of Canada raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Monday, July 1st. Guggenheim initiated coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target on the stock. DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Cantor Fitzgerald lifted their price target on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Finally, Mizuho dropped their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.
View Our Latest Report on Rivian Automotive
Rivian Automotive 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.
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