Swiss National Bank Sells 226,300 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Swiss National Bank lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 9.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,097,300 shares of the electric vehicle automaker’s stock after selling 226,300 shares during the quarter. Swiss National Bank owned 0.22% of Rivian Automotive worth $50,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth $228,175,000. State Street Corp grew its stake in shares of Rivian Automotive by 145.5% during the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock valued at $298,304,000 after purchasing an additional 5,371,852 shares during the period. BlackRock Inc. increased its position in shares of Rivian Automotive by 9.7% during the 2nd quarter. BlackRock Inc. now owns 55,827,991 shares of the electric vehicle automaker’s stock valued at $930,094,000 after purchasing an additional 4,924,020 shares during the last quarter. Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter worth approximately $85,590,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Rivian Automotive by 38.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,504,619 shares of the electric vehicle automaker’s stock worth $141,687,000 after buying an additional 2,374,790 shares during the last quarter. 62.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIVN has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. Needham & Company LLC decreased their price objective on Rivian Automotive from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 25th. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $19.00 price target (down from $29.00) on shares of Rivian Automotive in a research report on Wednesday, January 17th. Finally, The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus price target of $27.24.

Get Our Latest Stock Report on Rivian Automotive

Rivian Automotive Trading Down 2.1 %

NASDAQ RIVN opened at $15.17 on Thursday. The company’s 50-day simple moving average is $18.96 and its two-hundred day simple moving average is $20.03. Rivian Automotive, Inc. has a one year low of $11.68 and a one year high of $28.06. The company has a market capitalization of $14.53 billion, a price-to-earnings ratio of -2.52 and a beta of 2.07. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.64 and a current ratio of 4.61.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its earnings results on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.61) by $0.17. The business had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Rivian Automotive had a negative return on equity of 42.17% and a negative net margin of 148.97%. The business’s revenue for the quarter was up 149.4% on a year-over-year basis. During the same quarter last year, the firm earned ($1.57) EPS. Equities analysts forecast that Rivian Automotive, Inc. will post -5.96 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $17.08, for a total value of $55,766.20. Following the completion of the transaction, the chief financial officer now directly owns 173,030 shares in the company, valued at $2,955,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by corporate insiders.

Rivian Automotive Profile

(Free Report)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

Further Reading

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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