Mirae Asset Global Investments Co. Ltd. Sells 7,423,013 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Mirae Asset Global Investments Co. Ltd. reduced its position in Rivian Automotive, Inc. (NASDAQ: RIVN – Free report) by 95.0% in the fourth quarter, HoldingsChannel report. The fund owned 390,336 shares of the electric vehicle maker’s stock after selling 7,423,013 shares during the quarter. Mirae Asset Global Investments Co. Ltd. in Rivian Automotive were worth $9,187,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $228,175,000. State Street Corp boosted its holdings in Rivian Automotive by 145.5% in the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle maker’s stock valued at $298,304,000 after acquiring an additional 5,371,852 shares during the period. Norges Bank bought a new stake in Rivian Automotive in the 4th quarter valued at about $85,590,000. Wellington Management Group LLP boosted its holdings in Rivian Automotive by 228.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle maker’s stock valued at $88,144,000 after purchasing an additional 2,525,142 shares during the period. Finally, BlackRock Inc. grew its position in shares of Rivian Automotive by 2.9% in the 1st quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle maker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares in the last quarter. 66.25% of the shares are currently owned by institutional investors.

Analyst Rating Changes

RIVN has been the subject of several research analyst reports. UBS Group reissued a “sell” rating and set a $8.00 price objective (down previously from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. DA Davidson decreased their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, February 22. Jefferies Financial Group began coverage on Rivian Automotive in a research report on Thursday, March 7. a “buy” rating and a $16.00 target price for the company. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and added their target price on the stock from $15.00 to $21.00 in a research report on Friday, March 15. Two analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.87.

See our Latest Research Report on RIVN

Rivian Auto Business Drops 4.6%

NASDAQ RIVN opened at 9.13 US Dollar. Rivian Automotive, Inc. it has a 1-year low of $9.08 and a 1-year high of $28.06. The company has a debt to equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a 50-day moving average of $12.25 and a 200-day moving average of $16.44.

Rivian Cars (NASDAQ: RIVN – Get a Free Report) last issued its earnings results on Wednesday, February 21. The electric vehicle maker reported ($1.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative margin of 122.51%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ estimates of $1.28 billion. Research analysts expect that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Domestic Activity

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8. The stock sold at an average price of $12.81, amounting to $255,367.35. Following the completion of the sale, the investor now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8. The stock sold at an average price of $12.81, amounting to $255,367.35. Following the completion of the sale, the investor now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. A disclosure of this marketing can be found here. Over the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company’s shares.

About Rivian Automotive

(Free Report)

Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures and markets automobiles and electrical equipment. The company offers consumer vehicles, including a five-passenger two-row pickup truck under the R1T brand, a three-row seven-passenger sport utility vehicle under the R1S name.

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