Lansforsakringar Fondforvaltning AB publ Acquires New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Lansforsakringar Fondforvaltning AB publ acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 240,416 shares of the electric vehicle automaker's stock, valued at approximately $3,198,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the 4th quarter worth about $27,000. Orion Capital Management LLC acquired a new stake in Rivian Automotive during the 4th quarter worth about $34,000. Bear Mountain Capital Inc. lifted its position in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after acquiring an additional 1,932 shares during the period. Finally, Quarry LP acquired a new stake in Rivian Automotive during the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

NASDAQ:RIVN traded down $0.56 during trading hours on Friday, reaching $14.45. 40,055,298 shares of the company were exchanged, compared to its average volume of 36,314,524. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock's 50-day moving average is $13.27 and its 200-day moving average is $12.86. The firm has a market cap of $16.34 billion, a PE ratio of -3.06 and a beta of 1.86. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.48) earnings per share. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer now owns 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock worth $5,201,750 over the last three months. Insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on RIVN shares. Guggenheim reaffirmed a "buy" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Tuesday, May 6th. UBS Group lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Piper Sandler lifted their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $14.33.

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.