Headlands Technologies LLC Buys Shares of 60,491 Rivian Automotive, Inc. $RIVN

Headlands Technologies LLC purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the second quarter, Holdings Channel.com reports. The fund purchased 60,491 shares of the electric vehicle automaker’s stock, valued at approximately $1,050,000.

A number of other institutional investors also recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. boosted its holdings in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive in the fourth quarter worth approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive in the third quarter worth approximately $31,000. Zions Bancorporation National Association UT bought a new position in Rivian Automotive during the 4th quarter valued at $33,000. Finally, Oslo Pensjonsforsikring AS acquired a new position in shares of Rivian Automotive during the 1st quarter valued at $39,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 3.3%

Shares of NASDAQ RIVN opened at $15.53 on Wednesday. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a 12 month low of $12.39 and a 12 month high of $22.69. The company has a market cap of $22.49 billion, a price-to-earnings ratio of -6.02 and a beta of 1.62. The business has a fifty day simple moving average of $16.52 and a 200-day simple moving average of $15.91.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.Rivian Automotive’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.97) EPS. Sell-side analysts predict that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RIVN. Deutsche Bank Aktiengesellschaft lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, August 24th. Finally, TD Cowen boosted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.05.

Insider Activity at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of Rivian Automotive stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 41,167 shares of company stock worth $718,956. 1.48% of the stock is currently owned by insiders.

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.