Swiss National Bank Sells 78,700 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Swiss National Bank lowered its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,119,600 shares of the electric vehicle automaker’s stock after selling 78,700 shares during the period. Swiss National Bank’s holdings in Rivian Automotive were worth $28,191,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter worth $28,000. Hantz Financial Services Inc. raised its stake in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the last quarter. Finally, Bear Mountain Capital Inc. raised its stake in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after buying an additional 1,932 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RIVN shares. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Needham & Company LLC lifted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Robert W. Baird reissued a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.64.

Rivian Automotive Stock Up 2.5 %

Shares of NASDAQ RIVN opened at $11.02 on Tuesday. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The stock has a market capitalization of $12.46 billion, a P/E ratio of -2.33 and a beta of 2.03. The company has a 50-day moving average price of $12.65 and a 200-day moving average price of $12.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,427 shares of company stock worth $2,735,619. 2.51% of the stock is owned by 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.