Rivian Automotive, Inc. (NASDAQ:RIVN) Stock Holdings Reduced by UniSuper Management Pty Ltd

UniSuper Management Pty Ltd cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 24.2% in the fourth quarter, Holdings Channel reports. The firm owned 14,400 shares of the electric vehicle automaker’s stock after selling 4,600 shares during the period. UniSuper Management Pty Ltd’s holdings in Rivian Automotive were worth $192,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in RIVN. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 worth $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Rivian Automotive by 10.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker’s stock valued at $10,764,000 after acquiring an additional 73,812 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $10,448,000. Finally, Raymond James Financial Inc. bought a new stake in Rivian Automotive during the fourth quarter worth approximately $9,432,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RIVN. Needham & Company LLC raised their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Barclays upped their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, TD Cowen assumed coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $14.38.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction 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 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. In the last quarter, insiders have sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Stock Up 0.3 %

NASDAQ:RIVN opened at $12.45 on Tuesday. The company has a market cap of $14.08 billion, a price-to-earnings ratio of -2.64 and a beta of 2.03. 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 stock’s fifty day moving average price is $12.22 and its two-hundred day moving average price is $12.11. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86.

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

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.