OMERS ADMINISTRATION Corp Has $375,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

OMERS ADMINISTRATION Corp lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 21.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 28,161 shares of the electric vehicle automaker’s stock after purchasing an additional 5,058 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Rivian Automotive were worth $375,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital International Investors bought a new position in shares of Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank bought a new position in Rivian Automotive during the fourth quarter worth about $123,308,000. Northern Trust Corp grew its stake in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Groupama Asset Managment acquired a new position in Rivian Automotive in the fourth quarter valued at about $26,600,000. Finally, Quinn Opportunity Partners LLC raised its holdings in Rivian Automotive by 4,042.1% during the 4th quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock worth $16,527,000 after buying an additional 1,212,641 shares during the period. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIVN. TD Cowen began coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 7th. Robert W. Baird reduced their price objective on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company cut their target price on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Finally, Guggenheim reaffirmed a “buy” rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.24.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. This represents a 7.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 391,121 shares of company stock worth $5,299,517. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Up 3.0%

RIVN opened at $16.29 on Tuesday. The stock has a fifty day moving average of $12.49 and a 200-day moving average of $12.57. The company has a market capitalization of $18.42 billion, a P/E ratio of -3.45 and a beta of 1.86. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

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, topping the consensus estimate 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 net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS 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.