Mirae Asset Global Investments Co. Ltd. Sells 7,423,013 Shares of Rivian Automotive, Inc.

[ad_1]


Mirae Asset Global Investments Co. Ltd. reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 95.0% during the fourth quarter, HoldingsChannel reports. The fund owned 390,336 shares of the electric vehicle automaker’s stock after selling 7,423,013 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings 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 during the fourth quarter valued at about $228,175,000. State Street Corp increased its holdings in Rivian Automotive by 145.5% during the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after acquiring an additional 5,371,852 shares during the period. Norges Bank purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $85,590,000. Wellington Management Group LLP boosted its holdings in Rivian Automotive by 228.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’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% during the 1st quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Analyst Ratings 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 reduced 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 22nd. Jefferies Financial Group began coverage on Rivian Automotive in a research report on Thursday, March 7th. They set 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 boosted their target price for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, nine have issued 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.

View Our Latest Research Report on RIVN

Rivian Automotive Trading Down 4.6 %

NASDAQ RIVN opened at $9.13 on Friday. Rivian Automotive, Inc. 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 Automotive (NASDAQ:RIVNGet Free Report) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker 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 net margin of 122.51%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Research analysts expect that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

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 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 hyperlink. 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 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 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 transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company’s stock.

About Rivian Automotive

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding RIVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rivian Automotive, Inc. (NASDAQ:RIVNFree Report).

Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)



Receive News & Ratings for Rivian Automotive Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Rivian Automotive and related companies with MarketBeat.com’s FREE daily email newsletter.

[ad_2]

Read More: Mirae Asset Global Investments Co. Ltd. Sells 7,423,013 Shares of Rivian Automotive, Inc.

2024-04-13 11:46:09

Leave A Reply

Your email address will not be published.