KLP Kapitalforvaltning AS Acquires New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

KLP Kapitalforvaltning AS bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 785,600 shares of the electric vehicle automaker’s stock, valued at approximately $10,448,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at about $28,000. Bear Mountain Capital Inc. lifted its stake in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on RIVN. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Mizuho lowered their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.38.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,998 shares of company stock worth $1,744,184. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 5.1 %

Shares of RIVN opened at $12.19 on Tuesday. The business’s 50 day simple moving average is $12.38 and its 200-day simple moving average is $12.15. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $13.78 billion, a price-to-earnings ratio of -2.58 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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 net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive 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.