Nuveen Asset Management LLC Purchases 602,210 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Nuveen Asset Management LLC increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 26.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,847,211 shares of the electric vehicle automaker's stock after acquiring an additional 602,210 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.28% of Rivian Automotive worth $37,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Capital International Investors purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank bought a new position in Rivian Automotive during the 4th quarter valued at approximately $123,308,000. Northern Trust Corp lifted its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the period. Groupama Asset Managment bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $26,600,000. Finally, Quinn Opportunity Partners LLC increased its stake in shares of Rivian Automotive by 4,042.1% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker's stock valued at $16,527,000 after buying an additional 1,212,641 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price on the stock. Piper Sandler boosted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Finally, TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They set a "hold" rating and a $12.70 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $14.33.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction that occurred on 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 owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is owned by insiders.

Rivian Automotive Stock Down 2.6%

NASDAQ RIVN traded down $0.43 during mid-day trading on Thursday, reaching $15.91. The stock had a trading volume of 28,082,087 shares, compared to its average volume of 36,348,944. The stock has a market cap of $17.99 billion, a PE ratio of -3.37 and a beta of 1.86. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a fifty day moving average price of $12.73 and a 200 day moving average price of $12.63.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same quarter in the previous year, the business earned ($1.48) earnings per share. The company's revenue was up 3.0% on a year-over-year basis. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.