DNB Asset Management AS Increases Stock Position in Rivian Automotive, Inc. $RIVN

DNB Asset Management AS grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 85.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 728,262 shares of the electric vehicle automaker’s stock after purchasing an additional 335,511 shares during the period. DNB Asset Management AS owned approximately 0.06% of Rivian Automotive worth $10,691,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after purchasing an additional 5,590 shares in the last quarter. Empowered Funds LLC increased its position in Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares during the last quarter. Focus Partners Wealth increased its position in Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 164,737 shares of company stock worth $2,922,209 in the last 90 days. 2.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Piper Sandler lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Morgan Stanley restated an “underweight” rating and issued a $12.00 price target on shares of Rivian Automotive in a research report on Monday, December 8th. Finally, Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.10.

Rivian Automotive Price Performance

RIVN opened at $15.33 on Friday. The business has a fifty day moving average of $17.11 and a 200 day moving average of $15.57. The stock has a market cap of $19.02 billion, a P/E ratio of -4.99 and a beta of 1.76. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. Rivian Automotive, Inc. has a 52-week low of $10.36 and a 52-week high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business’s revenue was down 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.70) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.