Handelsbanken Fonder AB Increases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Handelsbanken Fonder AB boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 401.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 262,722 shares of the electric vehicle automaker’s stock after acquiring an additional 210,279 shares during the quarter. Handelsbanken Fonder AB’s holdings in Rivian Automotive were worth $6,163,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. AE Wealth Management LLC increased its position in shares of Rivian Automotive by 150.2% in the third quarter. AE Wealth Management LLC now owns 49,084 shares of the electric vehicle automaker’s stock valued at $1,192,000 after buying an additional 29,464 shares in the last quarter. Private Trust Co. NA increased its position in shares of Rivian Automotive by 2,117.6% in the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock valued at $46,000 after buying an additional 1,800 shares in the last quarter. Caprock Group LLC purchased a new stake in shares of Rivian Automotive in the third quarter valued at approximately $479,000. UMB Bank n.a. increased its position in shares of Rivian Automotive by 61.6% in the third quarter. UMB Bank n.a. now owns 3,038 shares of the electric vehicle automaker’s stock valued at $74,000 after buying an additional 1,158 shares in the last quarter. Finally, Clarius Group LLC increased its position in shares of Rivian Automotive by 71.0% in the third quarter. Clarius Group LLC now owns 22,566 shares of the electric vehicle automaker’s stock valued at $548,000 after buying an additional 9,371 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In other news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RIVN. DA Davidson dropped their price target on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Stifel Nicolaus dropped their price target on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. Needham & Company LLC dropped their price target on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $8.52 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The business’s fifty day simple moving average is $11.13 and its 200-day simple moving average is $15.65. The firm has a market cap of $8.33 billion, a PE ratio of -1.48 and a beta of 1.88. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Equities analysts forecast that Rivian Automotive, Inc. will post -4.76 earnings per share for the current 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.