Geode Capital Management LLC Acquires 227,168 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Geode Capital Management LLC lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 13,227,560 shares of the electric vehicle automaker’s stock after acquiring an additional 227,168 shares during the period. Geode Capital Management LLC’s holdings in Rivian Automotive were worth $175,639,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Tandem Financial LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the 3rd quarter worth about $28,000. Bear Mountain Capital Inc. grew its position in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. Finally, AllSquare Wealth Management LLC raised its stake in Rivian Automotive by 8,794.1% in the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 2,990 shares in the last quarter. Institutional investors and hedge funds 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 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s 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 transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,433,468 over the last ninety days. 2.51% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RIVN shares. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target on the stock. Finally, Mizuho lowered their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Down 2.8 %

RIVN stock opened at $11.21 on Monday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a market cap of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business’s 50-day moving average is $12.17 and its two-hundred day moving average is $12.08.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for 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%. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.