Daiwa Securities Group Inc. Acquires 22,989 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

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

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

Rivian Automotive Price Performance

Shares of RIVN opened at $12.23 on Friday. The stock has a market capitalization of $12.48 billion, a PE ratio of -2.18 and a beta of 2.04. The company has a 50 day moving average price of $10.66 and a 200-day moving average price of $12.44. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent analyst reports. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Mizuho reduced their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.73.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 261,307 shares of company stock worth $3,178,479 over the last 90 days. Company insiders own 2.51% of the company’s stock.

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.