KLP Kapitalforvaltning AS Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 785,600 shares of the electric vehicle automaker's stock, valued at approximately $10,448,000. KLP Kapitalforvaltning AS owned approximately 0.08% of Rivian Automotive as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. Hantz Financial Services Inc. raised its position in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RIVN shares. Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Truist Financial upped their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, Mizuho cut their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Stock Up 1.4 %

Shares of Rivian Automotive stock traded up $0.17 during trading on Tuesday, reaching $12.36. 22,065,893 shares of the company traded hands, compared to its average volume of 36,925,835. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $13.98 billion, a PE ratio of -2.62 and a beta of 2.03. The company has a 50 day moving average price of $12.36 and a 200-day moving average price of $12.14. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,998 shares of company stock worth $1,744,184 over the last quarter. 2.51% of the stock is currently owned by corporate insiders.

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.