Mercer Global Advisors Inc. ADV Raises Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mercer Global Advisors Inc. ADV boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 20.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 13,054 shares of the electric vehicle automaker’s stock after purchasing an additional 2,219 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Rivian Automotive were worth $241,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its position in Rivian Automotive by 44.7% during the third quarter. BlackRock Inc. now owns 46,561,674 shares of the electric vehicle automaker’s stock valued at $1,532,346,000 after acquiring an additional 14,384,763 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 46.4% during the third quarter. Vanguard Group Inc. now owns 36,236,702 shares of the electric vehicle automaker’s stock worth $1,192,551,000 after buying an additional 11,483,566 shares in the last quarter. Coatue Management LLC grew its position in Rivian Automotive by 3.8% during the third quarter. Coatue Management LLC now owns 19,597,621 shares of the electric vehicle automaker’s stock valued at $644,959,000 after buying an additional 719,284 shares during the period. State Street Corp increased its holdings in Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock valued at $298,304,000 after buying an additional 5,371,852 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Rivian Automotive by 1,650.2% in the third quarter. First Trust Advisors LP now owns 5,862,841 shares of the electric vehicle automaker’s stock worth $192,946,000 after acquiring an additional 5,527,857 shares during the period. Hedge funds and other institutional investors own 67.97% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RIVN. Barclays cut their price target on Rivian Automotive from $28.00 to $22.00 in a research note on Wednesday, May 10th. Morgan Stanley reduced their target price on Rivian Automotive from $26.00 to $24.00 in a research note on Tuesday, April 18th. Royal Bank of Canada lowered shares of Rivian Automotive from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $28.00 to $14.00 in a research report on Tuesday, April 18th. DA Davidson reduced their price target on shares of Rivian Automotive from $16.00 to $11.00 in a research report on Wednesday, May 10th. Finally, Evercore ISI lowered their price objective on Rivian Automotive from $35.00 to $25.00 in a report on Monday, March 6th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.74.

Rivian Automotive Price Performance

Shares of RIVN opened at $14.57 on Friday. The company has a quick ratio of 5.08, a current ratio of 5.88 and a debt-to-equity ratio of 0.21. Rivian Automotive, Inc. has a 52-week low of $11.68 and a 52-week high of $40.86. The stock has a 50 day moving average price of $13.60 and a 200 day moving average price of $18.84.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) earnings per share for the quarter, beating the consensus estimate of ($1.51) by $0.26. The business had revenue of $661.00 million during the quarter, compared to the consensus estimate of $661.97 million. Rivian Automotive had a negative return on equity of 40.23% and a negative net margin of 292.63%. The business’s quarterly revenue was up 595.8% on a year-over-year basis. During the same period in the previous year, the business earned ($1.43) EPS. Equities analysts predict that Rivian Automotive, Inc. will post -5.43 earnings per share for the current fiscal year.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.