Assenagon Asset Management SA grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 35.2% during the 4th quarter, according to the company’s most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,265 shares of the electric vehicle automaker’s stock after acquiring an additional 8,402 shares during the quarter. Assenagon Asset Management SA’s holdings in Rivian Automotive were worth $595,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of RIVN. PNC Financial Services Group Inc. increased its holdings in shares of Rivian Automotive by 31.8% during the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after acquiring an additional 2,532 shares in the last quarter. DA Davidson & CO. increased its holdings in shares of Rivian Automotive by 9.1% during the first quarter. DA Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after acquiring an additional 515 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Rivian Automotive during the first quarter valued at about $493,000. MetLife Investment Management LLC acquired a new position in shares of Rivian Automotive during the first quarter valued at about $231,000. Finally, Rhumbline Advisers increased its holdings in shares of Rivian Automotive by 5.3% during the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after acquiring an additional 6,690 shares in the last quarter. Institutional investors and hedge funds own 67.97% of the company’s stock.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total value of $44,242.38. Following the transaction, the chief accounting officer now owns 87,000 shares in the company, valued at approximately $1,651,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total value of $44,242.38. Following the transaction, the chief accounting officer now owns 87,000 shares in the company, valued at approximately $1,651,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 2,090 shares of the firm’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total value of $39,689.10. Following the completion of the transaction, the chief financial officer now owns 75,804 shares in the company, valued at approximately $1,439,517.96. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by insiders.
Rivian Automotive Trading Up 7.5 %
Shares of NASDAQ:RIVN opened at $15.48 on Friday. Rivian Automotive, Inc. has a 1 year low of $12.58 and a 1 year high of $56.76. The firm has a market capitalization of $14.26 billion, a price-to-earnings ratio of -2.09 and a beta of 1.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.42 and a quick ratio of 4.86. The business’s 50-day moving average price is $16.99 and its 200-day moving average price is $24.25.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its earnings results on Tuesday, February 28th. The electric vehicle automaker reported earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.89) by $0.16. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The firm had revenue of $663.00 million for the quarter, compared to analyst estimates of $729.47 million. During the same quarter last year, the firm posted ($2.43) EPS. The business’s revenue was up 1127.8% on a year-over-year basis. On average, equity research analysts forecast that Rivian Automotive, Inc. will post -5.52 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several equity analysts recently weighed in on the stock. Wedbush cut their price target on shares of Rivian Automotive from $37.00 to $25.00 in a report on Wednesday, March 1st. Evercore ISI cut their price target on shares of Rivian Automotive from $35.00 to $25.00 in a report on Monday, March 6th. Mizuho cut their price target on shares of Rivian Automotive from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, March 9th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of Rivian Automotive in a report on Wednesday. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $32.00 to $18.00 and set an “equal weight” rating on the stock in a report on Friday, February 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.62.
Rivian Automotive Company Profile
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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 a Rivian Commercial Vehicle platform for electric Delivery Vans with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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