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 0.27% to 62.43 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 6.57% valued currently at $1.05 billion. In addition, BlackRock Fund Advisors raised its holdings by 3.56 million to 25.14 million shares. And SSgA Funds Management, Inc. has lifted its position by 16.34% or 1.91 million shares – to 13.62 million shares.
With over 23.87 million Rivian Automotive Inc (RIVN) shares trading Friday and a closing price of $23.21 on the day, the dollar volume was approximately $553.95 million. The shares have shown a positive half year performance of 72.57% and its price on 12/22/23 lost nearly -1.57%. Currently, there are 918.00M common shares owned by the public and among those 668.78M shares have been available to trade.
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Insiders at the company have transacted a total of 52 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 1,041,458 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 1,797,602 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 25.74 million shares of the company’s stock, all valued at over $431.38 million. The company sold -1.7 million shares recently to bring their total holdings to about 2.71% of the shares outstanding. Vanguard Total Stock Market ETF bought 28640.0 shares to see its total holdings expand to 22.11 million shares valued at over $370.57 million and representing 2.33% of the shares outstanding. Vanguard Mid Cap Index Fund bought 38233.0 shares to bring its total holdings to over 16.01 million shares at a value of $268.39 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.69% of the shares outstanding.
Shares of Rivian Automotive Inc (NASDAQ: RIVN) opened at $23.73, up $0.15 from a prior closing price of $23.58. The company’s stock has a 5-day price change of 1.66% and 9.84% over the past three months. RIVN shares are trading 25.94% year to date (YTD), with the 12-month market performance up to 10.37% higher. It has a 12-month low price of $11.68 and touched a high of $28.06 over the same period. RIVN has an average intraday trading volume of 41.76 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 18.60%, 28.52%, and 27.63% respectively.
Institutional ownership of Rivian Automotive Inc (NASDAQ: RIVN) shares accounts for 47.18% of the company’s 918.00M shares outstanding. Mutual fund holders own 24.51%, while other institutional holders and individual stakeholders account for 9.63% and 23.13% respectively.
It has a market capitalization of $22.19B and a beta (3y monthly) value of 2.12. The earnings-per-share (ttm) stands at -$6.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.76% over the week and 6.03% over the month.
Analysts forecast that Rivian Automotive Inc (RIVN) will achieve an EPS of -$1.32 for the current quarter, -$1.08 for the next quarter and -$3.48 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.53 while analysts give the company a high EPS estimate of -$1.09. Comparatively, EPS for the current quarter was -$1.73 a year ago. Earnings per share for the fiscal year are expected to increase by 20.40%, and 25.27% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Rivian Automotive Inc (RIVN) as a “Strong Buy” at a consensus score of 1.78. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 7 of the 27 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the RIVN, a number of firms have released research notes about the stock. Stifel stated their Buy rating for the stock in a research note on December 07, 2023, with the firm’s price target at $23.
