Groupama Asset Managment Acquires Shares of 2,000,000 Rivian Automotive, Inc. (NASDAQ:RIVN)

Groupama Asset Managment acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,000,000 shares of the electric vehicle automaker's stock, valued at approximately $26,600,000. Groupama Asset Managment owned 0.20% of Rivian Automotive as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at about $123,308,000. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 2.9% during the fourth 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 during the last quarter. California Public Employees Retirement System increased its stake in shares of Rivian Automotive by 19.7% in the 4th 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. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Rivian Automotive by 10.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock valued at $10,764,000 after acquiring an additional 73,812 shares during the period. 66.25% of the stock is owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company's stock.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Needham & Company LLC upped their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Piper Sandler downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Finally, Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Stock Performance

Rivian Automotive stock traded down $0.49 during midday trading on Friday, reaching $11.05. 23,392,623 shares of the company's stock were exchanged, compared to its average volume of 37,196,010. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The stock's 50-day simple moving average is $12.20 and its 200 day simple moving average is $12.11. The firm has a market cap of $12.49 billion, a price-to-earnings ratio of -2.34 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.