DNB Asset Management AS lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 8.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,024 shares of the electric vehicle automaker’s stock after buying an additional 2,093 shares during the period. DNB Asset Management AS’s holdings in Rivian Automotive were worth $1,358,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of RIVN. Wedbush Securities Inc. acquired a new stake in Rivian Automotive in the 4th quarter worth approximately $631,000. Koshinski Asset Management Inc. acquired a new stake in Rivian Automotive in the 4th quarter worth approximately $270,000. Baldwin Brothers LLC MA acquired a new stake in Rivian Automotive in the 4th quarter worth approximately $26,000. IFM Investors Pty Ltd acquired a new stake in Rivian Automotive in the 4th quarter worth approximately $2,206,000. Finally, Royal London Asset Management Ltd. acquired a new stake in Rivian Automotive in the 4th quarter worth approximately $4,771,000. 78.67% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Jay T. Flatley acquired 40,000 shares of the business’s stock in a transaction dated Thursday, May 26th. The stock was acquired at an average price of 29.31 per share, with a total value of 1,172,400.00. Following the completion of the transaction, the director now directly owns 92,616 shares in the company, valued at approximately 2,714,574.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 6,034 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of 25.56, for a total transaction of 154,229.04. Following the completion of the transaction, the chief accounting officer now directly owns 80,778 shares of the company’s stock, valued at approximately 2,064,685.68. The disclosure for this sale can be found here. Insiders sold 15,006,926 shares of company stock worth $402,737,029 in the last ninety days. Insiders own 2.34% of the company’s stock.
Shares of NASDAQ RIVN opened at 29.50 on Friday. Rivian Automotive, Inc. has a one year low of 19.25 and a one year high of 179.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 11.19 and a quick ratio of 10.86. The firm has a fifty day moving average of 29.46 and a 200 day moving average of 54.13.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of -1.50 by 0.07. The business had revenue of 95.00 million during the quarter, compared to analysts’ expectations of 113.64 million. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -6.39 earnings per share for the current fiscal year.
A number of analysts recently commented on RIVN shares. Royal Bank of Canada decreased their price objective on shares of Rivian Automotive from $100.00 to $77.00 in a research note on Thursday, May 12th. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $85.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, May 17th. DA Davidson started coverage on shares of Rivian Automotive in a research note on Wednesday, June 1st. They set an “underperform” rating and a $24.00 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $40.00 to $24.00 in a research note on Wednesday, May 11th. Finally, Exane BNP Paribas upgraded shares of Rivian Automotive from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of 70.41.
About Rivian Automotive (Get Rating)
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 Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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