Tredje AP fonden Sells 51,290 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Tredje AP fonden lowered its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.0% during the 4th quarter, according to the company in its most recent disclosure 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 quarter. Tredje AP fonden’s holdings in Rivian Automotive were worth $682,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of RIVN. Sumitomo Mitsui Trust Group Inc. grew its stake in Rivian Automotive by 11.4% in 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 in the last quarter. Oppenheimer & Co. Inc. boosted its position 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 valued at $286,000 after acquiring an additional 9,441 shares in the last quarter. Metis Global Partners LLC boosted its position in Rivian Automotive by 11.8% during the 3rd quarter. Metis Global Partners LLC now owns 115,164 shares of the electric vehicle automaker’s stock valued at $1,292,000 after acquiring an additional 12,166 shares in the last quarter. Empowered Funds LLC boosted its position in Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock valued at $207,000 after acquiring an additional 6,860 shares in the last quarter. Finally, Mizuho Markets Americas LLC boosted its position in Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.75 on Friday. The stock has a 50-day simple moving average of $12.74 and a two-hundred day simple moving average of $12.26. The firm has a market capitalization of $12.16 billion, a P/E ratio of -2.28 and a beta of 2.03. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. 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 (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were 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 $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 203,928 shares of company stock worth $3,013,134 in the last ninety days. Company insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Guggenheim dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Sanford C. Bernstein began coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Finally, Robert W. Baird reiterated a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $14.73.

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.