Groupama Asset Managment Sells 500,000 Shares of Rivian Automotive, Inc. $RIVN

Key Points

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Groupama Asset Managment cut its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 25.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,500,000 shares of the electric vehicle automaker's stock after selling 500,000 shares during the quarter. Groupama Asset Managment owned about 0.13% of Rivian Automotive worth $18,675,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new position in Rivian Automotive in the 1st quarter valued at $406,000. Northern Trust Corp raised its holdings in Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after acquiring an additional 809,064 shares in the last quarter. Versor Investments LP raised its holdings in Rivian Automotive by 25.0% in the 1st quarter. Versor Investments LP now owns 28,000 shares of the electric vehicle automaker's stock valued at $349,000 after acquiring an additional 5,600 shares in the last quarter. Ethos Financial Group LLC acquired a new position in Rivian Automotive in the 1st quarter valued at $311,000. Finally, S Bank Fund Management Ltd acquired a new position in Rivian Automotive in the 1st quarter valued at $1,123,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares of the company's stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.16% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

RIVN traded up $0.05 on Thursday, reaching $12.12. The stock had a trading volume of 42,700,214 shares, compared to its average volume of 33,431,145. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The firm has a 50-day moving average of $13.05 and a 200-day moving average of $12.94. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $14.71 billion, a price-to-earnings ratio of -3.75 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its 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). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company earned ($1.46) EPS. Rivian Automotive's revenue for the quarter was up 12.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Needham & Company LLC dropped their price objective on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Mizuho boosted their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, August 8th. Five 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 currently has a consensus rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Company 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.