State of New Jersey Common Pension Fund D Boosts Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

State of New Jersey Common Pension Fund D raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 281,500 shares of the electric vehicle automaker’s stock after purchasing an additional 3,033 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $3,158,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RIVN. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. increased its stake in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after purchasing an additional 7,714,788 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the period. abrdn plc boosted its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. Truist Financial decreased their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Robert W. Baird decreased their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Mizuho decreased their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.68.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Down 4.2 %

Shares of NASDAQ:RIVN opened at $10.58 on Wednesday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market cap of $10.67 billion, a P/E ratio of -1.89 and a beta of 2.04. The firm has a fifty day moving average price of $11.25 and a 200 day moving average price of $12.39.

Rivian Automotive Profile

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.