Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 95.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 390,336 shares of the electric vehicle automaker's stock after selling 7,423,013 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Rivian Automotive were worth $9,187,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Stifel Financial Corp grew its position in shares of Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker's stock valued at $6,997,000 after purchasing an additional 19,699 shares in the last quarter. CenterBook Partners LP bought a new position in Rivian Automotive in the 3rd quarter valued at $4,473,000. Atria Wealth Solutions Inc. increased its holdings in shares of Rivian Automotive by 448.0% in the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker's stock worth $5,569,000 after purchasing an additional 187,495 shares during the period. Morgan Stanley raised its position in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock worth $235,409,000 after buying an additional 1,193,650 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in Rivian Automotive during the third quarter valued at $1,806,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RIVN. Bank of America dropped their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a "buy" rating for the company in a report on Thursday, February 22nd. Truist Financial reiterated a "hold" rating and set a $11.00 price target on shares of Rivian Automotive in a research report on Friday. Mizuho reiterated a "neutral" rating and issued a $12.00 target price on shares of Rivian Automotive in a research report on Monday, March 25th. Wells Fargo & Company reduced their price target on Rivian Automotive from $18.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. downgraded Rivian Automotive from a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average target price of $19.87.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company's stock, valued at $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

Shares of RIVN traded down $0.44 during trading hours on Friday, hitting $9.13. The stock had a trading volume of 57,909,457 shares, compared to its average volume of 35,578,520. Rivian Automotive, Inc. has a 12 month low of $9.08 and a 12 month high of $28.06. The stock has a fifty day moving average price of $12.25 and a 200 day moving average price of $16.39. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a market capitalization of $8.92 billion, a PE ratio of -1.59 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Analysts anticipate that Rivian Automotive, Inc. will post -4.79 EPS for the current 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.