Florida Retirement System Board of Directors Increases Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)
The Florida State Retirement System Board of Directors has increased its stake in Rivian Automotive, Inc. stock. (NASDAQ:RIVN – Free Report) rose 1.0% during the first quarter, the company said in its most recent filing with the Securities and Exchange Commission. . The institutional investor owns 550,113 shares of the electric automaker’s stock after purchasing an additional 5,700 shares during the period. The Florida State Retirement System Board of Directors owns approximately 0.06% of Rivian Automotive worth $8,516,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. has strengthened its… Its holdings in Rivian Automotive increased by 2.9% during the first quarter. BlackRock Inc. owns 50,903,971 shares of the electric automaker’s stock are now worth $787,993,000 after purchasing an additional 1,443,514 shares in the last quarter. FMR LLC raised its position in Rivian Automotive by 32.8% during the first quarter. FMR LLC now owns 34,126,728 shares of the electric automaker’s stock valued at $528,282,000 after acquiring an additional 8,427,507 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at about $228,175,000. Vanguard Group Inc. filed Its holdings in Rivian Automotive shares increased by 2.3% in the first quarter. Vanguard Group Inc. owns 9,777,340 shares of the electric automaker’s stock are now worth $491,214,000 after purchasing an additional 221,383 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Rivian Automotive by 3.0% in the 1st quarter. State Street Corp now owns 9,547,650 shares of the electric automaker’s stock valued at $147,795,000 after purchasing an additional 277,742 shares in the last quarter. Hedge funds and other institutional investors own 62.79% of the company’s shares.
Wall Street analysts expect growth
Several analysts have issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rivian Automotive in a report on Thursday, August 24th. BNP Paribas raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Friday, August 11. Deutsche Bank Aktiengesellschaft raised their target price on shares of Rivian Automotive from $26.00 to $29.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Canaccord Genuity Group raised their price objective on shares of Rivian Automotive from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, Royal Bank of Canada raised their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a “Moderate Buy” consensus rating and an average price target of $28.95.
View our latest analysis on RIVN
Rivian car price performance
Rivian Automotive stock opened at $24.18 on Monday. Rivian Automotive, Inc. has registered. It has a 52-week low of $11.68 and a 52-week high of $39.81. The company has a fifty day moving average of $23.66 and a 200 day moving average of $17.69. The company has a market cap of $22.93 billion, a P/E ratio of -3.74 and a beta of 2.13. The company has a quick ratio of 4.71, a current ratio of 5.66 and a debt-to-equity ratio of 0.23.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The electric automaker reported earnings per share (EPS) for the quarter ($1.08), beating the consensus estimate ($1.42) by $0.34. Rivian Automotive had a negative net margin of 200.97% and a negative return on equity of 38.91%. The company achieved revenues of $1.12 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter a year earlier, the company generated ($1.89) earnings per share. The company’s quarterly revenue increased by 208.0% compared to the same quarter last year. As a group, analysts expect Rivian Automotive, Inc. Posting -5.89 earnings per share for the current year.
Rivian automotive profile
Rivian Automotive designs, develops, manufactures and sells electric vehicles and accessories. The company offers five-passenger minivans and seven-passenger sport utility vehicles. Rivian’s commercial vehicle platform provides electric delivery vehicles in collaboration with Amazon.com, Inc. The company sells its products directly to customers in the consumer and commercial markets.
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