Panagora Asset Management Inc. Increases Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Panagora Asset Management Inc. increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 285.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 379,790 shares of the electric vehicle automaker’s stock after buying an additional 281,331 shares during the quarter. Panagora Asset Management Inc.’s holdings in Rivian Automotive were worth $8,910,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RIVN. Stifel Financial Corp raised its position in Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after purchasing an additional 19,699 shares during the period. CenterBook Partners LP purchased a new stake in Rivian Automotive in the third quarter valued at $4,473,000. Atria Wealth Solutions Inc. raised its position in Rivian Automotive by 448.0% in the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock valued at $5,569,000 after purchasing an additional 187,495 shares during the period. Morgan Stanley raised its position in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in Rivian Automotive in the third quarter valued at $1,806,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. DA Davidson reduced their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Robert W. Baird dropped their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Mizuho dropped their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Up 3.7 %

NASDAQ:RIVN opened at $10.50 on Friday. The stock has a 50-day simple moving average of $10.20 and a 200-day simple moving average of $14.72. The stock has a market cap of $10.45 billion, a P/E ratio of -1.82 and a beta of 1.91. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year 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 released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

About Rivian Automotive

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.