Geode Capital Management LLC Increases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Geode Capital Management LLC lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,227,560 shares of the electric vehicle automaker's stock after acquiring an additional 227,168 shares during the quarter. Geode Capital Management LLC owned approximately 1.30% of Rivian Automotive worth $175,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in RIVN. Norges Bank bought a new position in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after buying an additional 133,781 shares during the period. California Public Employees Retirement System boosted its position in Rivian Automotive by 19.7% during the fourth quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker's stock valued at $16,828,000 after acquiring an additional 208,326 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Rivian Automotive by 10.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock worth $10,764,000 after acquiring an additional 73,812 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $10,448,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded down $0.71 during trading hours on Thursday, reaching $11.06. The stock had a trading volume of 10,082,204 shares, compared to its average volume of 37,245,079. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a 50 day simple moving average of $12.04 and a 200 day simple moving average of $12.05. The stock has a market cap of $12.50 billion, a P/E ratio of -2.35 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

RIVN has been the topic of several recent analyst reports. TD Cowen assumed coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 price target on the stock. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Barclays upped their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Robert W. Baird restated a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Guggenheim decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, February 24th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and a consensus target price of $14.34.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,237,044 in the last quarter. 2.51% of the stock is owned by company insiders.

Rivian Automotive 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.