BI Asset Management Fondsmaeglerselskab A S Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 517.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 55,567 shares of the electric vehicle automaker's stock after acquiring an additional 46,561 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Rivian Automotive were worth $739,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital International Investors acquired a new position in Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank acquired a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Groupama Asset Managment purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $26,600,000. Quinn Opportunity Partners LLC raised its holdings in Rivian Automotive by 4,042.1% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker's stock worth $16,527,000 after purchasing an additional 1,212,641 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Rivian Automotive during the fourth quarter worth $10,448,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 3.9 %

Shares of NASDAQ RIVN opened at $11.80 on Thursday. Rivian Automotive, Inc. has a 12-month low of $8.46 and a 12-month high of $18.86. The stock has a fifty day moving average price of $11.78 and a 200 day moving average price of $12.08. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $13.35 billion, a P/E ratio of -2.50 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on 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 transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,154,905 in the last ninety days. Corporate insiders own 2.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. Needham & Company LLC raised their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a "hold" rating and a $12.70 target price for the company. Robert W. Baird reduced their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Three equities 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 company's stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $14.17.

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.

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