Norges Bank Purchases Shares of 11,178,246 Rivian Automotive, Inc. $RIVN

Norges Bank purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, Holdings Channel reports. The firm purchased 11,178,246 shares of the electric vehicle automaker’s stock, valued at approximately $220,323,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Merit Financial Group LLC increased its stake in Rivian Automotive by 3.2% in the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after buying an additional 739 shares during the last quarter. Prospera Financial Services Inc increased its stake in Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after buying an additional 775 shares during the last quarter. Siemens Fonds Invest GmbH increased its stake in Rivian Automotive by 7.7% in the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after buying an additional 780 shares during the last quarter. Finally, Equitable Holdings Inc. increased its stake in Rivian Automotive by 5.8% in the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after buying an additional 803 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 2.0%

Shares of RIVN stock opened at $17.29 on Wednesday. The firm has a 50 day moving average price of $15.29 and a two-hundred day moving average price of $16.29. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $21.46 billion, a PE ratio of -5.92 and a beta of 1.62. Rivian Automotive, Inc. has a 12-month low of $11.57 and a 12-month high of $22.69.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RIVN shares. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Tigress Financial reiterated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, April 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Stifel Nicolaus raised their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Finally, Cantor Fitzgerald raised their price target on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.57.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. The trade was a 0.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 117,790 shares of company stock valued at $1,832,466 in the last three months. Insiders own 1.48% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.