Daiwa Securities Group Inc. Increases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Daiwa Securities Group Inc. grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 37.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,716 shares of the electric vehicle automaker’s stock after purchasing an additional 22,989 shares during the period. Daiwa Securities Group Inc.’s holdings in Rivian Automotive were worth $939,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. abrdn plc raised its holdings in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on RIVN. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Needham & Company LLC reduced their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group lowered their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Wells Fargo & Company cut their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.73.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 261,307 shares of company stock worth $3,178,479 in the last three months. 2.51% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $12.23 on Friday. The business has a 50-day moving average price of $10.66 and a 200-day moving average price of $12.44. The firm has a market cap of $12.48 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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.