Norges Bank Acquires Shares of 11,178,246 Rivian Automotive, Inc. $RIVN

Norges Bank acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,178,246 shares of the electric vehicle automaker’s stock, valued at approximately $220,323,000. Norges Bank owned about 0.91% of Rivian Automotive as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RIVN. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. SOA Wealth Advisors LLC. raised its holdings in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive in the third quarter worth $31,000. Glass Jacobson Investment Advisors llc raised its holdings in Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Rivian Automotive in the third quarter worth $39,000. 66.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on RIVN. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and increased their target price for the stock from $15.00 to $16.00 in a report on Friday, February 13th. Weiss Ratings lowered shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Stifel Nicolaus increased their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Finally, Tigress Financial reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.57.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. The trade was a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 117,790 shares of company stock worth $1,832,466 over the last ninety days. 1.48% of the stock is currently owned by insiders.

Rivian Automotive Trading Up 2.0%

RIVN opened at $17.29 on Wednesday. The stock has a market capitalization of $21.46 billion, a P/E ratio of -5.92 and a beta of 1.62. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The firm’s fifty day simple moving average is $15.29 and its 200 day simple moving average is $16.29. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Rivian Automotive Company Profile

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.