Groupama Asset Managment Acquires Shares of 2,000,000 Rivian Automotive, Inc. (NASDAQ:RIVN)

Groupama Asset Managment bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,000,000 shares of the electric vehicle automaker's stock, valued at approximately $26,600,000. Groupama Asset Managment owned about 0.20% of Rivian Automotive as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RIVN. Cerity Partners LLC boosted its position in Rivian Automotive by 38.0% in the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker's stock worth $695,000 after purchasing an additional 17,039 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Rivian Automotive by 6.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock worth $860,000 after buying an additional 4,338 shares during the last quarter. Townsquare Capital LLC bought a new position in Rivian Automotive during the third quarter valued at about $263,000. Hantz Financial Services Inc. increased its holdings 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 worth $34,000 after buying an additional 2,900 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock worth $465,000 after buying an additional 6,738 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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Analyst Ratings Changes

A number of research analysts have recently weighed in on RIVN shares. Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their target price for the company from $13.00 to $15.00 in a research report on Friday, February 21st. 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. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Robert W. Baird reaffirmed a "neutral" rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded down $0.96 during mid-day trading on Thursday, reaching $11.53. 38,047,495 shares of the company were exchanged, compared to its average volume of 37,233,598. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company's 50 day moving average price is $12.22 and its 200 day moving average price is $12.11. The stock has a market capitalization of $13.04 billion, a PE ratio of -2.44 and a beta of 2.03. 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 issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company'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 completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 in the last quarter. 2.51% of the stock is owned by 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.