8,800 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Purchased by Pilgrim Partners Asia Pte Ltd

Pilgrim Partners Asia Pte Ltd bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,800 shares of the electric vehicle automaker’s stock, valued at approximately $117,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC raised its position in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after purchasing an additional 227,168 shares in the last quarter. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth $123,308,000. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after buying an additional 133,781 shares during the last quarter. Groupama Asset Managment acquired a new stake in Rivian Automotive in the fourth quarter valued at about $26,600,000. Finally, California Public Employees Retirement System raised its stake in Rivian Automotive by 19.7% during the fourth quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker’s stock worth $16,828,000 after acquiring an additional 208,326 shares in the last quarter. 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 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Down 2.8 %

Rivian Automotive stock opened at $11.21 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $12.68 billion, a PE ratio of -2.37 and a beta of 2.03. The firm’s fifty day moving average is $12.17 and its 200 day moving average is $12.10. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RIVN shares. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Mizuho dropped their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, Barclays increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.38.

About Rivian Automotive

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.