Royal London Asset Management Ltd. Boosts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Royal London Asset Management Ltd. increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 5.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 254,015 shares of the electric vehicle automaker’s stock after acquiring an additional 12,875 shares during the period. Royal London Asset Management Ltd.’s holdings in Rivian Automotive were worth $5,959,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the fourth quarter worth approximately $26,000. Ancora Advisors LLC purchased a new position in shares of Rivian Automotive during the third quarter worth $27,000. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter worth $33,000. Arlington Trust Co LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth $35,000. Finally, Parkside Financial Bank & Trust boosted its position in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN stock traded down $0.23 during mid-day trading on Friday, hitting $10.88. 21,323,744 shares of the stock were exchanged, compared to its average volume of 27,336,474. The stock’s fifty day simple moving average is $10.16 and its two-hundred day simple moving average is $13.94. The stock has a market capitalization of $10.83 billion, a price-to-earnings ratio of -1.89 and a beta of 2.01. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, analysts forecast that Rivian Automotive, Inc. will post -4.96 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research analyst reports. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Tuesday, April 16th. Mizuho lowered their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Robert W. Baird lowered their price target on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $19.00.

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.