Resona Asset Management Co. Ltd. Invests $3 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Resona Asset Management Co. Ltd. bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 224,976 shares of the electric vehicle automaker’s stock, valued at approximately $3,003,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Groupama Asset Managment acquired a new position in Rivian Automotive in the 4th quarter valued at about $26,600,000. Geode Capital Management LLC increased its position in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after acquiring an additional 227,168 shares during the period. Trans Canada Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at about $5,778,000. IPG Investment Advisors LLC increased its position in Rivian Automotive by 183.1% in the 4th quarter. IPG Investment Advisors LLC now owns 51,746 shares of the electric vehicle automaker’s stock valued at $688,000 after acquiring an additional 33,470 shares during the period. Finally, California Public Employees Retirement System increased its position in Rivian Automotive by 19.7% in the 4th quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker’s stock valued at $16,828,000 after acquiring an additional 208,326 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.77 on Thursday. The business’s fifty day moving average price is $12.04 and its two-hundred day moving average price is $12.05. The stock has a market cap of $13.31 billion, a PE ratio of -2.49 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $13.00 to $15.00 in a report on Friday, February 21st. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.38.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the 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 $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,237,044 in the last quarter. 2.51% of the stock is currently owned by company insiders.

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.