Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by Korea Investment CORP

Korea Investment CORP raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 306.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 538,798 shares of the electric vehicle automaker's stock after acquiring an additional 406,146 shares during the period. Korea Investment CORP owned 0.05% of Rivian Automotive worth $7,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in RIVN. Cerity Partners LLC grew its stake in Rivian Automotive by 38.0% during the 3rd quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker's stock worth $695,000 after buying an additional 17,039 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Rivian Automotive by 6.0% during the third quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock worth $860,000 after acquiring an additional 4,338 shares during the last quarter. Townsquare Capital LLC acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $263,000. Hantz Financial Services Inc. increased its holdings in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after acquiring an additional 2,900 shares during the period. Finally, Captrust Financial Advisors raised its position in Rivian Automotive by 19.4% in the 3rd quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock valued at $465,000 after purchasing an additional 6,738 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

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Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred 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 filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company'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 transaction of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIVN shares. 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. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Wells Fargo & Company boosted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Finally, Piper Sandler downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $1.00 during midday trading on Thursday, hitting $11.49. 25,992,298 shares of the stock were exchanged, compared to its average volume of 37,189,005. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. 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 50 day moving average price of $12.22 and a 200-day moving average price of $12.11. The stock has a market cap of $12.99 billion, a P/E ratio of -2.43 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its 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. The company had revenue of $1.73 billion during 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%. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current 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.