PKO Investment Management Joint Stock Co Buys Shares of 36,000 Rivian Automotive, Inc. (NASDAQ:RIVN)

PKO Investment Management Joint Stock Co purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 36,000 shares of the electric vehicle automaker's stock, valued at approximately $479,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after buying an additional 133,781 shares in the last quarter. Twinbeech Capital LP bought a new position in shares of Rivian Automotive in the 4th quarter worth $29,944,000. Mountain Hill Investment Partners Corp. bought a new position in shares of Rivian Automotive in the 4th quarter worth $1,363,000. Groupama Asset Managment bought a new position in shares of Rivian Automotive in the 4th quarter worth $26,600,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive in the 4th quarter worth $10,448,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded down $0.56 during trading hours on Friday, hitting $14.45. 40,055,298 shares of the company's stock traded hands, compared to its average volume of 36,299,420. The company has a fifty day simple moving average of $13.27 and a 200-day simple moving average of $12.89. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. The stock has a market capitalization of $16.34 billion, a price-to-earnings ratio of -3.06 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on RIVN. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Mizuho increased their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. UBS Group increased their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Finally, Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $14.33.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at $9,596,373.75. The trade was a 7.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the transaction, the chief financial officer now directly owns 851,637 shares of the company's stock, valued at $12,774,555. The trade was a 1.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 384,265 shares of company stock valued at $5,201,750. 2.16% of the stock is owned by insiders.

About Rivian Automotive

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.