DNB Asset Management AS Sells 422,498 Shares of Rivian Automotive, Inc. $RIVN

DNB Asset Management AS decreased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 58.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 305,764 shares of the electric vehicle automaker’s stock after selling 422,498 shares during the period. DNB Asset Management AS’s holdings in Rivian Automotive were worth $6,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Merit Financial Group LLC grew its position in shares of Rivian Automotive by 3.2% during the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after acquiring an additional 718 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Rivian Automotive by 36.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after acquiring an additional 739 shares during the period. Prospera Financial Services Inc grew its position in shares of Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after acquiring an additional 775 shares during the period. Siemens Fonds Invest GmbH grew its position in shares of Rivian Automotive by 7.7% during the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after acquiring an additional 780 shares during the period. Finally, Equitable Holdings Inc. lifted its stake in shares of Rivian Automotive by 5.8% during the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after buying an additional 803 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RIVN shares. Needham & Company LLC restated a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Tigress Financial restated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, April 10th. Benchmark restated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Finally, Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.57.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares in the company, valued at $17,042,652. The trade was a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 21,446 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the completion of the sale, the chief executive officer owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. The trade was a 2.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 148,888 shares of company stock worth $2,411,276. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Down 3.2%

Shares of RIVN stock opened at $13.35 on Tuesday. The stock has a market cap of $16.57 billion, a P/E ratio of -4.57 and a beta of 1.64. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company’s fifty day simple moving average is $15.51 and its two-hundred day simple moving average is $16.29.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.