Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 21.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,876 shares of the electric vehicle automaker’s stock after selling 13,910 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Rivian Automotive were worth $690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in RIVN. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in 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 valued at $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Rivian Automotive by 10.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker’s stock worth $10,764,000 after buying an additional 73,812 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $10,448,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $9,432,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on RIVN shares. UBS Group lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Benchmark reissued a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Down 4.7 %

NASDAQ RIVN opened at $12.41 on Monday. The business has a fifty day moving average price of $12.26 and a 200 day moving average price of $12.12. 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 company has a market cap of $14.03 billion, a P/E ratio of -2.63 and a beta of 2.03. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

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

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 in the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Rivian Automotive Company 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.