Geode Capital Management LLC Has $175.64 Million Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Geode Capital Management LLC lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,227,560 shares of the electric vehicle automaker's stock after acquiring an additional 227,168 shares during the quarter. Geode Capital Management LLC owned approximately 1.30% of Rivian Automotive worth $175,639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Trans Canada Capital Inc. bought a new stake in Rivian Automotive in the fourth quarter worth approximately $5,778,000. IPG Investment Advisors LLC increased its position in Rivian Automotive by 183.1% during the fourth quarter. IPG Investment Advisors LLC now owns 51,746 shares of the electric vehicle automaker's stock worth $688,000 after acquiring an additional 33,470 shares during the period. California Public Employees Retirement System raised its holdings in Rivian Automotive by 19.7% in the 4th quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker's stock valued at $16,828,000 after acquiring an additional 208,326 shares in the last quarter. Summit Securities Group LLC raised its stake in shares of Rivian Automotive by 74.9% in the fourth quarter. Summit Securities Group LLC now owns 3,952 shares of the electric vehicle automaker's stock valued at $53,000 after purchasing an additional 1,693 shares in the last quarter. Finally, Allstate Corp bought a new position in shares of Rivian Automotive during the 4th quarter worth about $297,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 2.8 %

Shares of RIVN stock opened at $11.21 on Monday. The firm has a 50 day moving average price of $12.17 and a two-hundred day moving average price of $12.08. The company has a market capitalization of $12.68 billion, a PE ratio of -2.37 and a beta of 1.89. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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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, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations 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, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several analyst reports. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a "hold" rating and a $12.70 target price on the stock. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Robert W. Baird restated a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price for the company. Finally, Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $14.38.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction on 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. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,998 shares of company stock valued at $1,433,468. Company insiders own 2.51% of the company's stock.

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.

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