Tredje AP fonden Has $682,000 Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Tredje AP fonden lowered its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 50.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,290 shares of the electric vehicle automaker's stock after selling 51,290 shares during the period. Tredje AP fonden's holdings in Rivian Automotive were worth $682,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RIVN. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Rivian Automotive by 11.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker's stock worth $19,823,000 after purchasing an additional 181,155 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Rivian Automotive by 59.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker's stock worth $286,000 after buying an additional 9,441 shares during the period. Metis Global Partners LLC lifted its stake in Rivian Automotive by 11.8% in the third quarter. Metis Global Partners LLC now owns 115,164 shares of the electric vehicle automaker's stock valued at $1,292,000 after buying an additional 12,166 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Rivian Automotive by 59.1% in the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker's stock valued at $207,000 after buying an additional 6,860 shares during the period. Finally, Mizuho Markets Americas LLC raised its holdings in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after acquiring an additional 124,950 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

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Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. This represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm'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 transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded up $0.16 during midday trading on Wednesday, reaching $11.36. The company's stock had a trading volume of 20,537,464 shares, compared to its average volume of 36,898,511. The business's 50 day moving average price is $12.57 and its two-hundred day moving average price is $12.21. The company has a market cap of $12.84 billion, a P/E ratio of -2.41 and a beta of 2.03. 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.

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, beating 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 forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RIVN shares. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Wells Fargo & Company lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st. TD Cowen initiated coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price target for the company. Benchmark reissued a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday. Finally, Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price target 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, sixteen have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average target price of $14.64.

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.