Trans Canada Capital Inc. Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Trans Canada Capital Inc. acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 434,467 shares of the electric vehicle automaker’s stock, valued at approximately $5,778,000. Rivian Automotive makes up approximately 0.6% of Trans Canada Capital Inc.’s holdings, making the stock its 5th biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $123,308,000. KLP Kapitalforvaltning AS acquired a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $10,448,000. Raymond James Financial Inc. bought a new stake in Rivian Automotive during the fourth quarter worth approximately $9,432,000. Alberta Investment Management Corp acquired a new stake in Rivian Automotive in the fourth quarter worth approximately $6,648,000. Finally, Korea Investment CORP boosted its stake in Rivian Automotive by 306.2% during the 4th quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker’s stock valued at $7,166,000 after purchasing an additional 406,146 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RIVN. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective for the company. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Barclays lifted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. TD Cowen initiated coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Finally, Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Price Performance

RIVN opened at $12.45 on Tuesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The stock has a fifty day moving average price of $12.22 and a 200 day moving average price of $12.11. The stock has a market cap of $14.08 billion, a price-to-earnings ratio of -2.64 and a beta of 2.03.

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

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock valued at $2,588,475. Insiders own 2.51% of the company’s stock.

Rivian Automotive Company 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.