Groupama Asset Managment Buys New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Groupama Asset Managment purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, Holdings Channel.com reports. The fund purchased 2,000,000 shares of the electric vehicle automaker’s stock, valued at approximately $26,600,000.

Other hedge funds have also bought and sold shares of the company. RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after buying an additional 1,160 shares during the last quarter. Freestone Capital Holdings LLC lifted its stake in Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after acquiring an additional 1,164 shares during the period. Tradition Wealth Management LLC boosted its holdings in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after acquiring an additional 1,250 shares during the last quarter. Finally, World Investment Advisors LLC raised its stake in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after buying an additional 1,446 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of analyst reports. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Wells Fargo & Company raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $14.38.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, March 24th. The shares were 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 of the company’s stock, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the 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 completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last three months. 2.51% of the stock is owned by insiders.

Rivian Automotive Price Performance

RIVN opened at $12.45 on Tuesday. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year 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. The company’s 50 day simple moving average is $12.22 and its 200 day simple moving average is $12.11. The stock has a market capitalization of $14.08 billion, a PE ratio of -2.64 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current 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.