Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Korea Investment CORP

Korea Investment CORP grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 306.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 538,798 shares of the electric vehicle automaker’s stock after acquiring an additional 406,146 shares during the quarter. Korea Investment CORP’s holdings in Rivian Automotive were worth $7,166,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of RIVN. RFG Holdings Inc. increased its stake in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after buying an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC increased its position in shares of Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after acquiring an additional 1,164 shares during the period. Tradition Wealth Management LLC raised its stake in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after acquiring an additional 1,250 shares during the last quarter. Finally, World Investment Advisors LLC lifted its position in Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is owned by insiders.

Rivian Automotive Stock Up 0.3 %

RIVN stock opened at $12.45 on Tuesday. The stock has a market capitalization of $14.08 billion, a P/E ratio of -2.64 and a beta of 2.03. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The firm has a 50-day simple moving average of $12.22 and a 200-day simple moving average of $12.11. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective for the company. Cowen started coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $13.00 to $15.00 in a report on Friday, February 21st. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Needham & Company LLC boosted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target 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.