Primecap Management Co. CA Sells 22,240 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Primecap Management Co. CA cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 263,940 shares of the electric vehicle automaker's stock after selling 22,240 shares during the quarter. Primecap Management Co. CA's holdings in Rivian Automotive were worth $3,510,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RIVN. Oppenheimer & Co. Inc. lifted its stake in Rivian Automotive by 59.0% during the third quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker's stock worth $286,000 after purchasing an additional 9,441 shares during the period. Empowered Funds LLC lifted its stake in Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker's stock worth $207,000 after purchasing an additional 6,860 shares during the period. Swiss National Bank lifted its stake in Rivian Automotive by 2.1% during the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker's stock worth $24,665,000 after purchasing an additional 45,200 shares during the period. Quest Partners LLC lifted its stake in Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker's stock worth $156,000 after purchasing an additional 7,273 shares during the period. Finally, Pathstone Holdings LLC raised its stake in shares of Rivian Automotive by 8.4% in the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker's stock valued at $1,327,000 after acquiring an additional 9,187 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

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Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,735,619 in the last quarter. Company insiders own 2.51% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RIVN. TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 target price for the company. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, February 21st. UBS Group lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Barclays lifted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Finally, Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three equities 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. According to data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Trading Up 6.6 %

RIVN traded up $0.72 during trading on Friday, reaching $11.60. 36,590,831 shares of the company's stock were exchanged, compared to its average volume of 36,995,409. The company's fifty day moving average price is $12.41 and its 200-day moving average price is $12.17. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The firm has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its 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 net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.