Mitsubishi UFJ Asset Management Co. Ltd. Buys 73,812 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 10.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 809,295 shares of the electric vehicle automaker's stock after acquiring an additional 73,812 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Rivian Automotive worth $10,764,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in RIVN. KLP Kapitalforvaltning AS bought a new stake in Rivian Automotive in the fourth quarter valued at $10,448,000. Raymond James Financial Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $9,432,000. Alberta Investment Management Corp bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $6,648,000. Korea Investment CORP increased its position in shares of Rivian Automotive by 306.2% during the 4th quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker's stock worth $7,166,000 after purchasing an additional 406,146 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Rivian Automotive during the 3rd quarter valued at about $4,184,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 8.0 %

Shares of NASDAQ RIVN traded down $1.00 during midday trading on Thursday, reaching $11.49. 25,992,298 shares of the stock were exchanged, compared to its average volume of 37,189,005. 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, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The business has a 50-day simple moving average of $12.22 and a two-hundred day simple moving average of $12.11. The company has a market capitalization of $12.99 billion, a price-to-earnings ratio of -2.43 and a beta of 2.03.

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Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Mizuho dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, March 17th. UBS Group raised their price target 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 objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Three investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $14.38.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the 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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety 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.

Rivian Automotive 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.