T. Rowe Price Associates, 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 38.34% to 98.25 million shares with purchase of 27.23 million shares. This fresh investment now brings its stake to 10.34% valued currently at $2.31 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.17 million to 62.43 million shares. And BlackRock Fund Advisors has lifted its position by 16.50% or 3.56 million shares – to 25.14 million shares.
Currently, there are 918.00M common shares owned by the public and among those 668.77M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 1,037,482 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 27.2 million shares of the company’s stock, all valued at over $638.17 million. The company bought an additional 1.46 million shares recently to bring their total holdings to about 2.86% of the shares outstanding. Vanguard Total Stock Market ETF bought 1.85 million shares to see its total holdings expand to 23.96 million shares valued at over $562.07 million and representing 2.52% of the shares outstanding. Vanguard Mid Cap Index Fund bought 1.01 million shares to bring its total holdings to over 17.04 million shares at a value of $399.7 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.79% of the shares outstanding.
However, the script later moved the day high at 15.48, up 1.93%. The company’s stock has a 5-day price change of -1.23% and -10.16% over the past three months. RIVN shares are trading -34.83% year to date (YTD), with the 12-month market performance down to -18.19% lower. 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 36.37 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 -18.17%, -19.01%, and -18.46% respectively.
Institutional ownership of Rivian Automotive Inc (NASDAQ: RIVN) shares accounts for 49.30% of the company’s 918.00M shares outstanding. Mutual fund holders own 24.91%, while other institutional holders and individual stakeholders account for 9.63% and 24.89% respectively.
It has a market capitalization of $14.62B and a beta (3y monthly) value of 2.02. 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 6.26% over the week and 5.11% over the month.
Analysts forecast that Rivian Automotive Inc (RIVN) will achieve an EPS of -$1.31 for the current quarter, -$1.05 for the next quarter and -$3.6 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.53 while analysts give the company a high EPS estimate of -$1.04. Comparatively, EPS for the current quarter was -$1.73 a year ago. Earnings per share for the fiscal year are expected to increase by 20.34%, and 23.59% over the next financial year.
Looking at the support for the RIVN, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on January 17, 2024, with the firm’s price target at $29-$19.
