Trust Point Increases Stake in Rivian Automotive

Trust Point Inc. recently increased its stake in Rivian Automotive Inc. (NASDAQ: RIVN), purchasing more than 10,478 shares of the auto manufacturer’s stock. The total value of the recently purchased shares stands at $246,000. Trust Point is one of several institutional investors and hedge funds that have made changes to their positions in Rivian Automotive.

During the third quarter, Vanguard Group Inc. increased its stake in the electric vehicle manufacturer by 0.6%. After buying the additional 408,677 shares, the investment company now owns 63,845,364 shares of Rivian, with a total value of worth $1,550,165,000.

Morgan Stanley also raised its stake in Rivian by 14% in the third quarter, bringing the total number of shares it owns to 9,695,576. The shares now total a sum of $235,409,000. State Street Corp also increased its position in Rivian by almost 23% during the second quarter, adding 2,156,922 shares to its portfolio. Currently, the global financial services company owns 11,704,572 shares of the EV company’s stock, valued at $194,998,000.

BlackRock Inc. also raised its stake in the electric vehicle automaker by 2.9% in the first quarter, adding 1,443,514 shares to its portfolio. Currently, the multinational investment company owns 50,903,971 shares of Rivian’s stock, valued at $787,993,000. Additionally, Moneta Group Investment Advisors LLC bought a new position in Rivian Automotive in the fourth quarter worth roughly $228,175,000.

Hedge funds and institutional investors now own more than 66% of Rivian Automotive’s stock.

On Monday, Rivian’s stock opened at $10.10. The 50-day moving average for the company’s stock is $12.81 while its 200-day moving average stands at $16.76. Rivian Automotive has a market capitalization of $9.87 billion, with a debt-to-equity ratio of 0.48, a quick ration of 3.90 and a current ratio of 4.95. The automotive company issued its latest earnings result in February. In its report, its earnings per share for the quarter stood at $1.58.

Revenues for the quarter totalled $1.32 billion, which is slightly higher than the analyst estimate of $1.28 billion. On equity, the auto manufacturer had a negative return of 45.9% and a negative net margin of 122.5%.

Analysts on the sell-side expect that for the current fiscal year, the company will post -4.79 EPS.

In related news, Kjell Gruner sold nore than 19,000 of his Rivian shares in early March. The average share price at the time was $12.81, bringing the transaction’s total to $255,367. Following this transaction, Gruner now owns about 407,700 shares in Rivian, with a total value of $5,223,751.

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