Newbridge Financial Services Group Inc. boosted its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 6.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,876 shares of the electric vehicle automaker’s stock after buying an additional 1,138 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Rivian Automotive were worth $460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in the stock. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $25,000. Xponance Inc. lifted its stake in Rivian Automotive by 5.7% during the first quarter. Xponance Inc. now owns 5,553 shares of the electric vehicle automaker’s stock worth $279,000 after purchasing an additional 301 shares during the last quarter. KBC Group NV lifted its stake in Rivian Automotive by 3.5% during the first quarter. KBC Group NV now owns 10,762 shares of the electric vehicle automaker’s stock worth $541,000 after purchasing an additional 360 shares during the last quarter. Fifth Third Bancorp lifted its stake in Rivian Automotive by 22.3% during the first quarter. Fifth Third Bancorp now owns 2,053 shares of the electric vehicle automaker’s stock worth $103,000 after purchasing an additional 375 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Rivian Automotive by 4.5% during the first quarter. Daiwa Securities Group Inc. now owns 9,200 shares of the electric vehicle automaker’s stock worth $462,000 after purchasing an additional 400 shares during the last quarter. 62.09% of the stock is currently owned by hedge funds and other institutional investors.
Rivian Automotive Stock Down 0.4 %
NASDAQ RIVN traded down 0.14 on Friday, reaching 33.19. The stock had a trading volume of 547,966 shares, compared to its average volume of 18,947,242. The company has a debt-to-equity ratio of 0.07, a current ratio of 8.97 and a quick ratio of 8.60. Rivian Automotive, Inc. has a 12-month low of 19.25 and a 12-month high of 179.47. The business’s 50-day moving average price is 34.89 and its 200 day moving average price is 34.21.
Analysts Set New Price Targets
RIVN has been the topic of several recent analyst reports. Canaccord Genuity Group initiated coverage on shares of Rivian Automotive in a report on Wednesday, July 13th. They issued a “buy” rating and a $61.00 price target on the stock. Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $24.00 to $30.00 and gave the company an “equal weight” rating in a report on Monday, July 11th. Wedbush lifted their price target on shares of Rivian Automotive from $30.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, July 8th. Canaccord Genuity Group started coverage on shares of Rivian Automotive in a report on Wednesday, July 13th. They issued a “buy” rating on the stock. Finally, The Goldman Sachs Group raised their price objective on Rivian Automotive to $41.00 in a research report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of 65.89.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
- Get a free copy of the StockNews.com research report on Rivian Automotive (RIVN)
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