AMF Tjanstepension AB Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

AMF Tjanstepension AB purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 300,705 shares of the electric vehicle automaker's stock, valued at approximately $3,999,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $9,432,000. Alberta Investment Management Corp bought a new stake in Rivian Automotive during the fourth quarter worth $6,648,000. Finally, Virtu Financial LLC acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at $4,184,000. Institutional investors own 66.25% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,983,450.68. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. Corporate insiders own 2.51% of the company's stock.

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Rivian Automotive Trading Up 2.5 %

RIVN traded up $0.27 during trading on Wednesday, reaching $11.06. 22,060,614 shares of the stock traded hands, compared to its average volume of 37,313,845. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock's 50-day moving average is $12.96 and its 200 day moving average is $12.32. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The stock has a market capitalization of $12.51 billion, a PE ratio of -2.34 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RIVN. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target for the company. The Goldman Sachs Group boosted their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, February 21st. UBS Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a "buy" rating and a $18.00 price objective for the company. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $14.73.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.