Norges Bank Acquires Shares of 5,516,917 Rivian Automotive, Inc. (NASDAQ:RIVN)

Norges Bank bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, Holdings Channel.com reports. The firm bought 5,516,917 shares of the electric vehicle automaker’s stock, valued at approximately $129,427,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in shares of Rivian Automotive by 228.5% in the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock valued at $88,144,000 after purchasing an additional 2,525,142 shares during the period. Morgan Stanley raised its position in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 38.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,282,027 shares of the electric vehicle automaker’s stock valued at $55,408,000 after acquiring an additional 631,397 shares during the last quarter. Northern Trust Corp increased its stake in Rivian Automotive by 14.8% during the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock worth $102,833,000 after acquiring an additional 544,588 shares during the last quarter. Finally, Bamco Inc. NY raised its position in Rivian Automotive by 25.4% in the third quarter. Bamco Inc. NY now owns 2,531,751 shares of the electric vehicle automaker’s stock valued at $61,471,000 after purchasing an additional 512,495 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RIVN. Robert W. Baird cut their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. Morgan Stanley dropped their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Finally, Evercore ISI decreased their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Transactions at Rivian Automotive

In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Down 7.0 %

RIVN opened at $9.95 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The business has a 50 day moving average price of $10.07 and a two-hundred day moving average price of $14.53. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.96 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.