Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by DnB Asset Management AS

DnB Asset Management AS grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 19.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 504,642 shares of the electric vehicle automaker's stock after acquiring an additional 81,337 shares during the quarter. DnB Asset Management AS's holdings in Rivian Automotive were worth $6,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock valued at $145,550,000 after purchasing an additional 223,860 shares during the period. Norges Bank purchased a new position in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Rivian Automotive by 10.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock valued at $10,764,000 after acquiring an additional 73,812 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at $10,448,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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Rivian Automotive Trading Down 5.9 %

Shares of RIVN traded down $0.79 during mid-day trading on Wednesday, reaching $12.49. The stock had a trading volume of 49,240,506 shares, compared to its average volume of 37,245,186. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of -2.65 and a beta of 2.03. The business's fifty day moving average is $12.22 and its 200 day moving average is $12.11. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. UBS Group boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. Wells Fargo & Company boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 24th. Truist Financial boosted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Finally, Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $14.38.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The stock was 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 approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,588,475 over the last quarter. 2.51% of the stock is currently owned by company 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.