DNB Asset Management AS Raises Holdings in Rivian Automotive, Inc. $RIVN

DNB Asset Management AS increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 85.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 728,262 shares of the electric vehicle automaker’s stock after purchasing an additional 335,511 shares during the quarter. DNB Asset Management AS’s holdings in Rivian Automotive were worth $10,691,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after purchasing an additional 799,030 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at about $1,324,000. Farther Finance Advisors LLC grew its position in shares of Rivian Automotive by 227.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock worth $1,719,000 after buying an additional 81,291 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its position in Rivian Automotive by 244.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after acquiring an additional 1,152,551 shares during the last quarter. Finally, Tableaux LLC purchased a new stake in Rivian Automotive during the second quarter valued at approximately $3,435,000. Institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 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 $586,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 27,133 shares of the company’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. This represents a 3.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 164,737 shares of company stock valued at $2,922,209. 2.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RIVN shares. Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Deutsche Bank Aktiengesellschaft raised Rivian Automotive from a “hold” rating to a “buy” rating and raised their price objective for the stock from $16.00 to $23.00 in a research report on Friday, February 13th. DA Davidson lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $15.00 to $14.00 in a research report on Tuesday, February 17th. Wolfe Research downgraded Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Finally, Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Nine 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.10.

Rivian Automotive Trading Down 1.8%

Rivian Automotive stock opened at $15.33 on Friday. The stock has a 50-day moving average price of $17.11 and a 200 day moving average price of $15.57. The company has a market capitalization of $19.02 billion, a price-to-earnings ratio of -4.99 and a beta of 1.76. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69. 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 (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.02. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The business’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.70) EPS. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Rivian Automotive 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.