Pictet Asset Management Holding SA Purchases 66,969 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Pictet Asset Management Holding SA raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 20.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 399,591 shares of the electric vehicle automaker's stock after acquiring an additional 66,969 shares during the quarter. Pictet Asset Management Holding SA's holdings in Rivian Automotive were worth $5,315,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RIVN. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter worth $123,308,000. Blair William & Co. IL boosted its stake in shares of Rivian Automotive by 4.8% during the 4th quarter. Blair William & Co. IL now owns 40,237 shares of the electric vehicle automaker's stock worth $535,000 after acquiring an additional 1,843 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Rivian Automotive by 10.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock valued at $10,764,000 after acquiring an additional 73,812 shares during the last quarter. Korea Investment CORP lifted its holdings in Rivian Automotive by 306.2% in 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 during the last quarter. Finally, Aire Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $134,000. 66.25% of the stock is owned by institutional investors.

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Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 over the last three months. 2.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Benchmark restated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Robert W. Baird reaffirmed a "neutral" rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

RIVN traded down $0.32 during trading on Friday, hitting $11.21. The company's stock had a trading volume of 34,694,062 shares, compared to its average volume of 37,219,406. The firm's 50 day moving average price is $12.17 and its two-hundred day moving average price is $12.09. 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 stock has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 1.89. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86.

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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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.