BI Asset Management Fondsmaeglerselskab A S Sells 263,207 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• BI Asset Management Fondsmaeglerselskab A S sharply cut its Rivian position in Q1, selling 263,207 shares and reducing its stake by 82.5% to 55,794 shares worth about $840,000.
• Rivian insiders also sold shares, including CEO Robert J. Scaringe and CFO Claire Mcdonough; over the last 90 days, insiders sold 100,340 shares valued at about $1.56 million.
• Wall Street remains mixed on RIVN: analysts currently split between Buy, Hold, and Sell ratings, with a consensus rating of Hold and an average price target of $18.57.

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 82.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,794 shares of the electric vehicle automaker's stock after selling 263,207 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Rivian Automotive were worth $840,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after acquiring an additional 3,864 shares during the last quarter. AQR Capital Management LLC increased its holdings in Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock valued at $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC increased its holdings in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock valued at $679,000 after purchasing an additional 4,998 shares during the period. Focus Partners Wealth increased its holdings in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after purchasing an additional 1,856 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company's stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm's stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company's stock, valued at $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RIVN has been the topic of several research analyst reports. Benchmark reissued a "buy" rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Leerink Partners reaffirmed an "outperform" rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Tigress Financial reiterated a "buy" rating and issued a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Canaccord Genuity Group reissued a "buy" rating and set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Finally, Bank of America started coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an "underperform" rating and a $14.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $18.57.

Rivian Automotive Price Performance

RIVN stock opened at $14.62 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The firm has a 50 day moving average price of $15.63 and a 200-day moving average price of $16.32. Rivian Automotive, Inc. has a 52-week low of $11.57 and a 52-week high of $22.69. The firm has a market capitalization of $18.14 billion, a price-to-earnings ratio of -5.01 and a beta of 1.62.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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