Tredje AP fonden Sells 51,290 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Tredje AP fonden lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,290 shares of the electric vehicle automaker’s stock after selling 51,290 shares during the quarter. Tredje AP fonden’s holdings in Rivian Automotive were worth $682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after purchasing an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. grew its stake 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 acquiring an additional 133,781 shares during the period. Swiss National Bank grew its stake in shares of Rivian Automotive by 2.1% during the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after acquiring an additional 45,200 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Rivian Automotive by 11.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock worth $19,823,000 after acquiring an additional 181,155 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Rivian Automotive during the 4th quarter worth $9,432,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Truist Financial raised their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. UBS Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Finally, Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $14.73.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 203,928 shares of company stock worth $3,013,134. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.75 on Friday. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average price of $12.74 and a 200-day moving average price of $12.26. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm 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%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.