785,600 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 785,600 shares of the electric vehicle automaker’s stock, valued at approximately $10,448,000. KLP Kapitalforvaltning AS owned approximately 0.08% of Rivian Automotive at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter worth about $28,000. Hantz Financial Services Inc. lifted its stake in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Bear Mountain Capital Inc. boosted its holdings in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction 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 approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,998 shares of company stock valued at $1,744,184. 2.51% of the stock is owned by insiders.

Rivian Automotive Price Performance

RIVN stock opened at $12.19 on Tuesday. 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 firm has a market capitalization of $13.78 billion, a price-to-earnings ratio of -2.58 and a beta of 2.03. The firm has a 50 day moving average price of $12.38 and a 200-day moving average price of $12.15. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. TD Cowen began 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. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. 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 price objective for the company. Finally, Mizuho cut their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.38.

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.