Asahi Life Asset Management CO. LTD. Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Asahi Life Asset Management CO. LTD. acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 29,410 shares of the electric vehicle automaker’s stock, valued at approximately $330,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quent Capital LLC boosted its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. International Assets Investment Management LLC purchased a new stake in Rivian Automotive during the 2nd quarter valued at $37,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the period. 66.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. UBS Group cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial reduced their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.09.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Trading Up 3.9 %

Shares of RIVN opened at $10.86 on Tuesday. The firm has a market cap of $10.95 billion, a P/E ratio of -1.82 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The company has a 50 day simple moving average of $11.99 and a two-hundred day simple moving average of $12.27.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities analysts expect that Rivian Automotive, Inc. will post -4.84 earnings per share for the current fiscal year.

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.