The Vanguard Group, Inc. recently announced the acquisition of new stake in Rivian Automotive Inc. (NASDAQ:RIVN). The institutional investor has increased its shareholding in the Consumer Cyclical company by 3.02% to 62.26 million shares with purchase of 1.82 million shares. This fresh investment now brings its stake to 6.62% valued currently at $1.42 billion. In addition, Fidelity Management & Research Co raised its holdings by 2.01 million to 34.46 million shares. And BlackRock Investment Management L has lifted its position by 0.64% or 0.14 million shares – to 22.09 million shares.
With over 38.15 million Rivian Automotive Inc. (RIVN) shares trading Friday and a closing price of $24.18 on the day, the dollar volume was approximately $922.44 million. The shares have shown a positive half year performance of 79.64% and its price on 09/15/23 gained nearly 0.29%. Currently, there are 942.00M common shares owned by the public and among those 824.65M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 25 analysts who have offered their price forecasts for RIVN have a consensus price objective of $28.36. The analysts have set the share’s price value over the next 12 months at a high of $44.00 and a low of $15.00. The average price target is 16.88% above its recent price level and a downside to the estimated low will see the stock lose -61.2% over that period. But an upside of 45.05% will see the stock hit the forecast high price target while median target price for the stock is $29.50.
Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 226,119 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 1,815,436 shares.
The top 3 mutual fund holders in Rivian Automotive Inc. are T Rowe Price Growth Stock Fund, Vanguard Total Stock Market ETF, and Vanguard Mid Cap Index Fund. T Rowe Price Growth Stock Fund owns 27.44 million shares of the company’s stock, all valued at over $623.72 million. The company sold -1.29 million shares recently to bring their total holdings to about 2.92% of the shares outstanding. Vanguard Total Stock Market ETF sold 1785.0 shares to see its total holdings shrink to 22.01 million shares valued at over $500.31 million and representing 2.34% of the shares outstanding. Vanguard Mid Cap Index Fund bought 21845.0 shares to bring its total holdings to over 16.19 million shares at a value of $367.98 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.72% of the shares outstanding.
Shares of Rivian Automotive Inc. (NASDAQ: RIVN) opened at $24.24, up $0.13 from a prior closing price of $24.11. However, the script later moved the day high at 24.62, up 0.29%. The company’s stock has a 5-day price change of 4.68% and 58.66% over the past three months. RIVN shares are trading 31.20% year to date (YTD), with the 12-month market performance down to -39.70% lower. It has a 12-month low price of $11.68 and touched a high of $40.86 over the same period. RIVN has an average intraday trading volume of 49.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.34%, 2.28%, and 29.78% respectively.
Institutional ownership of Rivian Automotive Inc. (NASDAQ: RIVN) shares accounts for 69.40% of the company’s 942.00M shares outstanding. Mutual fund holders own 24.70%, while other institutional holders and individual stakeholders account for 9.68% and 22.76% respectively.
It has a market capitalization of $22.86B and a beta (3y monthly) value of 2.13. The earnings-per-share (ttm) stands at -$6.46. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.26% over the week and 4.74% over the month.
Analysts forecast that Rivian Automotive Inc. (RIVN) will achieve an EPS of -$1.32 for the current quarter, -$1.27 for the next quarter and -$3.33 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.51 while analysts give the company a high EPS estimate of -$0.99. Comparatively, EPS for the current quarter was -$1.57 a year ago. Earnings per share for the fiscal year are expected to increase by 67.80%, and 33.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 25 brokerage firm advisors rate Rivian Automotive Inc. (RIVN) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 12 Wall Street analysts polled rate the stock as a buy, while 10 of the 25 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RIVN, a number of firms have released research notes about the stock. UBS stated their Neutral rating for the stock in a research note on September 13, 2023, with the firm’s price target at $26.
