Andra AP fonden Takes $6.92 Million Position in Rivian Automotive, Inc. $RIVN

Andra AP fonden bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 399,025 shares of the electric vehicle automaker's stock, valued at approximately $6,923,000.

Other hedge funds have also recently modified their holdings of the company. Capital International Investors increased its position in shares of Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker's stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Geode Capital Management LLC lifted its position in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker's stock valued at $290,568,000 after purchasing an additional 59,503 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive during the fourth quarter valued at about $220,323,000. Dimensional Fund Advisors LP increased its position in Rivian Automotive by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker's stock worth $111,896,000 after buying an additional 25,382 shares in the last quarter. Finally, Legal & General Group Plc increased its position in Rivian Automotive by 5.2% in the fourth quarter. Legal & General Group Plc now owns 4,536,169 shares of the electric vehicle automaker's stock worth $89,408,000 after buying an additional 224,435 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares of the company's stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 819,178 shares of the company's stock, valued at approximately $13,106,848. This represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 56,167 shares of company stock worth $963,306. 1.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIVN. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Piper Sandler raised shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $18.00 to $20.00 in a report on Monday, July 27th. TD Cowen increased their price target on Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Stifel Nicolaus set a $22.00 price target on Rivian Automotive in a report on Monday, August 24th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $19.00.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $15.02 on Thursday. The company has a market cap of $21.75 billion, a price-to-earnings ratio of -5.82 and a beta of 1.62. Rivian Automotive, Inc. has a 1 year low of $12.39 and a 1 year high of $22.69. The stock's 50 day simple moving average is $16.02 and its two-hundred day simple moving average is $15.91. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter in the previous year, the business posted ($0.97) earnings per share. Rivian Automotive's quarterly revenue was up 27.2% on a year-over-year basis. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.

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