Mizuho Markets Americas LLC Purchases 94,840 Shares of Rivian Automotive, Inc. $RIVN

Mizuho Markets Americas LLC lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 16.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 683,024 shares of the electric vehicle automaker’s stock after purchasing an additional 94,840 shares during the period. Mizuho Markets Americas LLC owned 0.06% of Rivian Automotive worth $10,280,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RIVN. Norges Bank acquired a new position in Rivian Automotive during the fourth quarter worth approximately $220,323,000. Renaissance Technologies LLC raised its stake in Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the period. Capital International Investors lifted its position in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in shares of Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after acquiring an additional 1,916,686 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director directly owned 110,000 shares in the company, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 68,385 shares of company stock worth $1,125,094 in the last quarter. 1.48% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Performance

RIVN opened at $16.46 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The business has a fifty day simple moving average of $16.28 and a 200 day simple moving average of $16.01. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The company has a market capitalization of $22.40 billion, a PE ratio of -5.64 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.48) earnings per share. Research analysts expect that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. TD Cowen reissued a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. BNP Paribas Exane upped their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Finally, Jefferies Financial Group increased their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $18.86.

Read Our Latest Stock Report on Rivian Automotive

Rivian Automotive Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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