Swiss National Bank reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,292,100 shares of the electric vehicle automaker’s stock after selling 62,100 shares during the period. Swiss National Bank owned approximately 0.14% of Rivian Automotive worth $23,813,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in Rivian Automotive by 3.7% in the 4th quarter. Russell Investments Group Ltd. now owns 33,194 shares of the electric vehicle automaker’s stock valued at $620,000 after buying an additional 1,180 shares in the last quarter. ICICI Prudential Asset Management Co Ltd bought a new position in Rivian Automotive in the 4th quarter valued at $85,000. Arizona State Retirement System raised its position in Rivian Automotive by 2.0% in the 4th quarter. Arizona State Retirement System now owns 86,626 shares of the electric vehicle automaker’s stock valued at $1,597,000 after purchasing an additional 1,683 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Rivian Automotive by 8.4% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 544,413 shares of the electric vehicle automaker’s stock valued at $10,034,000 after purchasing an additional 42,090 shares during the last quarter. Finally, Providence Capital Advisors LLC raised its position in Rivian Automotive by 97.8% in the 4th quarter. Providence Capital Advisors LLC now owns 2,368 shares of the electric vehicle automaker’s stock valued at $44,000 after purchasing an additional 1,171 shares during the last quarter. Institutional investors and hedge funds own 67.97% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on RIVN shares. Wedbush cut their price objective on Rivian Automotive from $37.00 to $25.00 in a research report on Wednesday, March 1st. Barclays cut their price objective on Rivian Automotive from $28.00 to $22.00 in a research report on Wednesday. Cantor Fitzgerald cut their price objective on Rivian Automotive from $30.00 to $27.00 and set an “overweight” rating for the company in a research report on Wednesday, March 1st. Deutsche Bank Aktiengesellschaft dropped their target price on Rivian Automotive from $43.00 to $28.00 in a research report on Thursday, January 19th. Finally, Bank of America assumed coverage on Rivian Automotive in a research report on Friday, March 10th. They set a “buy” rating and a $40.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $27.65.
Rivian Automotive Stock Down 1.9 %
Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.26. The firm had revenue of $661.00 million during the quarter, compared to analysts’ expectations of $661.97 million. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The company’s revenue was up 595.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.43) earnings per share. As a group, equities analysts expect that Rivian Automotive, Inc. will post -5.51 earnings per share for the current year.
Insider Activity at Rivian Automotive
In related news, CAO Jeff Baker sold 2,331 shares of the stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total transaction of $44,242.38. Following the completion of the transaction, the chief accounting officer now directly owns 87,000 shares of the company’s stock, valued at $1,651,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,090 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total value of $39,689.10. Following the sale, the chief financial officer now owns 75,804 shares in the company, valued at $1,439,517.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jeff Baker sold 2,331 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the sale, the chief accounting officer now owns 87,000 shares in the company, valued at approximately $1,651,260. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.
About Rivian Automotive
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
Further Reading
- Get a free copy of the StockNews.com research report on Rivian Automotive (RIVN)
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