Hsbc Holdings PLC Grows Position in Rivian Automotive, Inc. $RIVN

Hsbc Holdings PLC boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 55.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,097,836 shares of the electric vehicle automaker’s stock after acquiring an additional 1,109,171 shares during the period. Hsbc Holdings PLC’s holdings in Rivian Automotive were worth $46,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Kestra Advisory Services LLC lifted its position in shares of Rivian Automotive by 41.6% in the 1st quarter. Kestra Advisory Services LLC now owns 108,360 shares of the electric vehicle automaker’s stock worth $1,631,000 after purchasing an additional 31,837 shares during the period. Resona Asset Management Co. Ltd. increased its holdings in Rivian Automotive by 5.1% during the first quarter. Resona Asset Management Co. Ltd. now owns 245,818 shares of the electric vehicle automaker’s stock valued at $3,678,000 after buying an additional 11,920 shares during the period. Frank Rimerman Advisors LLC purchased a new position in Rivian Automotive during the first quarter valued at approximately $194,000. Clare Market Investments LLC bought a new position in Rivian Automotive in the first quarter worth approximately $916,000. Finally, Cypress Capital LLC raised its stake in Rivian Automotive by 22.6% in the first quarter. Cypress Capital LLC now owns 14,667 shares of the electric vehicle automaker’s stock worth $221,000 after buying an additional 2,707 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of a number of analyst reports. Morgan Stanley upped their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock an “underweight” rating in a report on Tuesday, July 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. DA Davidson boosted their price target on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. Finally, TD Cowen reaffirmed a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.86.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 78,630 shares of company stock worth $1,309,504 in the last 90 days. Insiders own 1.48% of the company’s stock.

Rivian Automotive Stock Down 1.2%

NASDAQ:RIVN opened at $17.24 on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69. The company has a market cap of $23.47 billion, a PE ratio of -5.90 and a beta of 1.60. The company’s 50 day moving average is $16.10 and its two-hundred day moving average is $16.06.

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

About Rivian Automotive

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.