Royal London Asset Management Ltd. Grows Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Royal London Asset Management Ltd. raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 344,614 shares of the electric vehicle automaker’s stock after buying an additional 11,491 shares during the period. Royal London Asset Management Ltd.’s holdings in Rivian Automotive were worth $4,583,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of RIVN. Geode Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after purchasing an additional 133,781 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at $9,432,000. Teachers Retirement System of The State of Kentucky raised its stake in shares of Rivian Automotive by 17.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock worth $6,613,000 after purchasing an additional 86,433 shares during the period. Finally, Swedbank AB boosted its holdings in shares of Rivian Automotive by 5.6% in the 4th quarter. Swedbank AB now owns 502,644 shares of the electric vehicle automaker’s stock worth $6,685,000 after buying an additional 26,474 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RIVN. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Guggenheim decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Cantor Fitzgerald downgraded 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 research note on Friday, February 21st. TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price for the company. Finally, Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $14.38.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was 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 owns 335,076 shares of the company’s stock, 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 through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,744,184 over the last 90 days. 2.51% of the stock is owned by insiders.

Rivian Automotive Stock Up 6.6 %

Shares of NASDAQ RIVN opened at $11.60 on Monday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average of $12.41 and a 200-day moving average of $12.16. The firm has a market capitalization of $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 2.03. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly 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 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%. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.