Norges Bank Invests $123.31 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Norges Bank purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 9,271,289 shares of the electric vehicle automaker's stock, valued at approximately $123,308,000. Norges Bank owned approximately 0.91% of Rivian Automotive at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $1,363,000. SG Americas Securities LLC increased its holdings in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after purchasing an additional 54,053 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Rivian Automotive during the fourth quarter worth $10,448,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Rivian Automotive in the 4th quarter valued at about $1,382,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 5.9 %

Shares of NASDAQ RIVN traded down $0.79 during trading hours on Wednesday, hitting $12.49. The company had a trading volume of 54,217,233 shares, compared to its average volume of 37,252,204. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year 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. The firm's 50 day moving average is $12.22 and its 200-day moving average is $12.11. The stock has a market capitalization of $14.12 billion, a P/E ratio of -2.65 and a beta of 2.03.

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Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Wells Fargo & Company upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Barclays boosted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, UBS Group lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $14.38.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $13,960,547.37. This trade represents 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 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.