Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 80,207 shares of the electric vehicle automaker’s stock after purchasing an additional 3,556 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rivian Automotive were worth $1,067,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at about $123,308,000. Groupama Asset Managment acquired a new stake in Rivian Automotive during the fourth quarter worth about $26,600,000. Quinn Opportunity Partners LLC raised its stake in Rivian Automotive by 4,042.1% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock worth $16,527,000 after purchasing an additional 1,212,641 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $11,434,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,775,506.06. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’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 transaction of $97,766.56. Following 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 position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 in the last ninety days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 1.6%

Shares of NASDAQ:RIVN opened at $14.87 on Wednesday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The firm’s 50 day moving average price is $12.13 and its 200 day moving average price is $12.41. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $16.81 billion, a price-to-earnings ratio of -3.15 and a beta of 1.86.

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

Analysts Set New Price Targets

Several research firms have issued reports on RIVN. Cowen assumed coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating for the company. Needham & Company LLC cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Wedbush decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. UBS Group increased 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. Finally, Stifel Nicolaus boosted their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.08.

About Rivian Automotive

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.