KLP Kapitalforvaltning AS Acquires Shares of 785,600 Rivian Automotive, Inc. (NASDAQ:RIVN)

KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RIVN. American Century Companies Inc. lifted its stake in Rivian Automotive by 5.7% in the 4th quarter. American Century Companies Inc. now owns 182,654 shares of the electric vehicle automaker's stock valued at $2,429,000 after purchasing an additional 9,884 shares during the last quarter. AllSquare Wealth Management LLC lifted its stake in shares of Rivian Automotive by 8,794.1% in the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after acquiring an additional 2,990 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in shares of Rivian Automotive by 3.4% during the 4th quarter. Royal London Asset Management Ltd. now owns 344,614 shares of the electric vehicle automaker's stock valued at $4,583,000 after acquiring an additional 11,491 shares in the last quarter. Xponance Inc. boosted its holdings in shares of Rivian Automotive by 11.3% during the 4th quarter. Xponance Inc. now owns 74,791 shares of the electric vehicle automaker's stock valued at $995,000 after acquiring an additional 7,584 shares in the last quarter. Finally, Axxcess Wealth Management LLC increased its holdings in Rivian Automotive by 6.6% in the 4th quarter. Axxcess Wealth Management LLC now owns 57,507 shares of the electric vehicle automaker's stock worth $765,000 after purchasing an additional 3,571 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Transactions at Rivian Automotive

In related news, 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 transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of 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 185,427 shares of company stock valued at $2,588,475 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on RIVN. Truist Financial lifted their target price 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. Baird R W lowered shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Robert W. Baird reaffirmed a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Barclays increased their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Down 4.7 %

RIVN stock traded down $0.61 during midday trading on Friday, reaching $12.41. 35,888,898 shares of the company's stock traded hands, compared to its average volume of 37,127,450. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The firm's fifty day moving average price is $12.26 and its 200-day moving average price is $12.14. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 95.51% and a negative return on equity of 66.26%. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

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.