Norges Bank Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Norges Bank bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,271,289 shares of the electric vehicle automaker’s stock, valued at approximately $123,308,000. Norges Bank owned about 0.91% of Rivian Automotive at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Blair William & Co. IL boosted its holdings in shares of Rivian Automotive by 4.8% in the 4th quarter. Blair William & Co. IL now owns 40,237 shares of the electric vehicle automaker’s stock worth $535,000 after buying an additional 1,843 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Rivian Automotive by 10.0% in the fourth 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. Korea Investment CORP boosted its stake in Rivian Automotive by 306.2% in the fourth quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker’s stock valued at $7,166,000 after acquiring an additional 406,146 shares during the last quarter. Aire Advisors LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $134,000. Finally, Mountain Hill Investment Partners Corp. purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $1,363,000. Institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of several research reports. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. 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. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the company 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, seventeen have assigned a hold rating and six have assigned 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, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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 Performance

Shares of NASDAQ RIVN opened at $12.45 on Tuesday. The stock’s 50-day moving average is $12.22 and its 200 day moving average is $12.11. The stock has a market cap of $14.08 billion, a price-to-earnings ratio of -2.64 and a beta of 2.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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