Groupama Asset Managment Purchases Shares of 2,000,000 Rivian Automotive, Inc. (NASDAQ:RIVN)

Groupama Asset Managment acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,000,000 shares of the electric vehicle automaker’s stock, valued at approximately $26,600,000. Groupama Asset Managment owned approximately 0.20% of Rivian Automotive at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Geode Capital Management LLC grew its stake 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 worth $175,639,000 after buying an additional 227,168 shares in the last quarter. Trans Canada Capital Inc. bought a new position in Rivian Automotive during the fourth quarter valued at approximately $5,778,000. IPG Investment Advisors LLC raised its holdings in Rivian Automotive by 183.1% during the 4th quarter. IPG Investment Advisors LLC now owns 51,746 shares of the electric vehicle automaker’s stock valued at $688,000 after buying an additional 33,470 shares during the last quarter. California Public Employees Retirement System increased its position in Rivian Automotive by 19.7% during 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 purchasing an additional 208,326 shares during the period. Finally, Summit Securities Group LLC boosted its stake in Rivian Automotive by 74.9% during the fourth quarter. Summit Securities Group LLC now owns 3,952 shares of the electric vehicle automaker’s stock worth $53,000 after acquiring an additional 1,693 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 trade represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. 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 corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RIVN. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Needham & Company LLC lifted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Truist Financial increased their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Finally, UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Three investment 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, the stock has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $12.45 on Tuesday. 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’s fifty day moving average is $12.22 and its two-hundred day moving average is $12.11. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company 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 issued its earnings results 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share 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.