Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 211.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,432 shares of the electric vehicle automaker’s stock after purchasing an additional 51,899 shares during the quarter. Investment Management Corp of Ontario’s holdings in Rivian Automotive were worth $1,017,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter worth about $28,000. Nordea Investment Management AB boosted its position in Rivian Automotive by 12.1% during the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after acquiring an additional 6,817 shares during the last quarter. Green Alpha Advisors LLC boosted its position in Rivian Automotive by 15.4% during the fourth quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock worth $823,000 after acquiring an additional 8,262 shares during the last quarter. Claro Advisors LLC acquired a new position in Rivian Automotive during the fourth quarter worth about $147,000. Finally, Oak Thistle LLC acquired a new position in Rivian Automotive during the fourth quarter worth about $316,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,154,905. Corporate insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Guggenheim reaffirmed a “buy” rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday, May 6th. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, UBS Group lifted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Three 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, Rivian Automotive currently has an average rating of “Hold” and an average target price of $14.08.

Rivian Automotive Trading Up 2.7%

NASDAQ RIVN opened at $14.64 on Tuesday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $18.86. The stock has a market capitalization of $16.55 billion, a PE ratio of -3.10 and a beta of 1.86. The firm has a 50 day moving average of $12.05 and a two-hundred day moving average of $12.39.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal 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.