BI Asset Management Fondsmaeglerselskab A S Sells 22,315 Shares of Rivian Automotive, Inc. $RIVN

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 40.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 33,252 shares of the electric vehicle automaker's stock after selling 22,315 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Rivian Automotive were worth $414,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in RIVN. Brighton Jones LLC grew its holdings in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Rivian Automotive by 36.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 16,406 shares of the electric vehicle automaker's stock worth $218,000 after acquiring an additional 4,353 shares during the last quarter. Hsbc Holdings PLC grew its stake in Rivian Automotive by 6.6% during the fourth quarter. Hsbc Holdings PLC now owns 1,233,406 shares of the electric vehicle automaker's stock valued at $16,608,000 after acquiring an additional 76,509 shares in the last quarter. Nebula Research & Development LLC bought a new stake in Rivian Automotive in the 4th quarter valued at $714,000. Finally, Two Sigma Securities LLC lifted its stake in Rivian Automotive by 170.6% in the 4th quarter. Two Sigma Securities LLC now owns 60,636 shares of the electric vehicle automaker's stock worth $806,000 after purchasing an additional 38,224 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RIVN. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Wedbush lowered their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. Finally, Needham & Company LLC reduced their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $13.69.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.09 on Friday. The company has a market cap of $15.88 billion, a P/E ratio of -4.05 and a beta of 1.80. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The business's 50 day moving average price is $13.01 and its 200-day moving average price is $12.94. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.46) earnings per share. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share 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.

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