Korea Investment CORP Purchases 406,146 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Korea Investment CORP increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 306.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 538,798 shares of the electric vehicle automaker’s stock after purchasing an additional 406,146 shares during the period. Korea Investment CORP owned approximately 0.05% of Rivian Automotive worth $7,166,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. RFG Holdings Inc. grew its stake in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after acquiring an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC grew its position in Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after acquiring an additional 1,164 shares in the last quarter. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after acquiring an additional 1,250 shares during the last quarter. Finally, World Investment Advisors LLC increased its stake in Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. UBS Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Barclays lifted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Guggenheim lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Finally, Wells Fargo & Company upped their price target 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. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Price Performance

Shares of RIVN opened at $12.45 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 company has a 50 day moving average price of $12.22 and a 200-day moving average price of $12.11. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The stock has a market capitalization of $14.08 billion, a PE ratio of -2.64 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 in the last three months. 2.51% of the stock is owned by insiders.

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.