Eurizon Capital SGR S.p.A. Makes New $4.90 Million Investment in Rivian Automotive, Inc. $RIVN

Key Points

• Eurizon Capital SGR opened a new position in Rivian Automotive, buying 249,141 shares worth about $4.9 million in the fourth quarter.
• Institutional interest in Rivian remains broad, with several other funds increasing stakes; overall, 66.25% of the stock is owned by institutional investors.
• Analyst sentiment is mixed but improving, as several firms raised price targets and Deutsche Bank upgraded the stock to buy, though MarketBeat’s overall consensus remains Hold with an average target price of $18.57.

Eurizon Capital SGR S.p.A. acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 249,141 shares of the electric vehicle automaker's stock, valued at approximately $4,895,000.

A number of other institutional investors have also added to or reduced their stakes in RIVN. Danske Bank A S increased its stake in shares of Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock worth $12,102,000 after purchasing an additional 165,300 shares during the last quarter. Trek Financial LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $6,115,000. New York State Common Retirement Fund increased its stake in shares of Rivian Automotive by 36.4% during the 3rd quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker's stock worth $8,769,000 after purchasing an additional 159,400 shares during the last quarter. Swedbank AB increased its stake in shares of Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock worth $18,553,000 after purchasing an additional 74,322 shares during the last quarter. Finally, DNB Asset Management AS increased its stake in shares of Rivian Automotive by 85.4% during the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker's stock worth $10,691,000 after purchasing an additional 335,511 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $16.95 on Tuesday. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a market capitalization of $21.03 billion, a PE ratio of -5.80 and a beta of 1.62. The company's 50 day simple moving average is $15.29 and its two-hundred day simple moving average is $16.29.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RIVN. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Friday, February 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Rivian Automotive from a "hold" rating to a "buy" rating and raised their price target for the stock from $16.00 to $23.00 in a research note on Friday, February 13th. Stifel Nicolaus raised their price target on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, February 17th. Canaccord Genuity Group restated a "buy" rating and set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Finally, Piper Sandler cut their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a "neutral" rating for the company in a report on Friday, February 13th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $18.57.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 5,544 shares of the firm's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $13.43, for a total transaction of $74,455.92. Following the sale, the chief financial officer owned 902,630 shares in the company, valued at approximately $12,122,320.90. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their position. 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 90 days, insiders have sold 109,767 shares of company stock worth $1,704,098. Corporate insiders own 1.48% of the company's stock.

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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