Rivian Automotive, Inc. (NASDAQ: RIVN) is gaining momentum as its shares rise by 4% in pre-market trading on Monday. The surge follows the company’s announcement that it produced 13,992 electric vehicles (EVs) in the quarter ending June 30.
In addition, Rivian delivered 12,640 units during the same period, surpassing analyst expectations of 11,302 deliveries. These figures are in line with the company’s projections and reinforce its confidence in meeting its annual production target of 50,000 EVs.
Investors are eagerly awaiting Rivian’s Q2 results, which are scheduled to be reported on August 8.
However, it’s not all smooth sailing for Rivian in the stock market. RIVN shares have experienced a 9.6% decline year-to-date, indicating some volatility in the company’s stock performance leading up to this point.
Newbridge Financial Services Group’s Reduced Ownership
On the other hand, Newbridge Financial Services Group Inc., a well-known financial institution, has revealed a significant decrease in its ownership of Rivian Automotive, Inc. (RIVN) during the first quarter of this year. The disclosure came through the company’s latest 13F filing with the Securities and Exchange Commission (SEC), causing a buzz in the market.
According to the filing, Newbridge Financial Services Group Inc. now holds 6,791 shares of Rivian Automotive’s stock. This represents a reduction of 8,714 shares over the span of three months. Consequently, their total stake in Rivian has dropped, with the remaining shares estimated to be worth around $105,000 by the end of the most recent quarter.