80,500 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by Highbridge Capital Management LLC

Highbridge Capital Management LLC purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,500 shares of the electric vehicle automaker’s stock, valued at approximately $1,071,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DnB Asset Management AS boosted its stake in Rivian Automotive by 19.2% during the 4th quarter. DnB Asset Management AS now owns 504,642 shares of the electric vehicle automaker’s stock valued at $6,712,000 after purchasing an additional 81,337 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Rivian Automotive by 20.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 399,591 shares of the electric vehicle automaker’s stock valued at $5,315,000 after acquiring an additional 66,969 shares during the period. Norges Bank bought a new position in Rivian Automotive during the fourth quarter worth $123,308,000. Blair William & Co. IL raised its stake in Rivian Automotive by 4.8% during the 4th quarter. Blair William & Co. IL now owns 40,237 shares of the electric vehicle automaker’s stock valued at $535,000 after purchasing an additional 1,843 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Rivian Automotive by 10.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker’s stock valued at $10,764,000 after purchasing an additional 73,812 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RIVN has been the topic of several research reports. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Wells Fargo & Company upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, TD Cowen initiated coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.38.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 over the last three months. 2.51% of the stock is owned by insiders.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $13.02 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The firm has a market cap of $14.72 billion, a P/E ratio of -2.76 and a beta of 2.03. 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 business’s fifty day moving average is $12.30 and its two-hundred day moving average is $12.15.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share 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.