Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 19.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,265,248 shares of the electric vehicle automaker’s stock after buying an additional 208,326 shares during the period. California Public Employees Retirement System’s holdings in Rivian Automotive were worth $16,828,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC boosted its position in Rivian Automotive by 38.0% during the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock worth $695,000 after purchasing an additional 17,039 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock worth $860,000 after buying an additional 4,338 shares during the period. Townsquare Capital LLC purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $263,000. Captrust Financial Advisors grew its stake in Rivian Automotive by 19.4% in the 3rd quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock valued at $465,000 after acquiring an additional 6,738 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Rivian Automotive in the 3rd quarter worth $1,158,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RIVN has been the topic of a number of research reports. Cowen initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Truist Financial raised their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Trading Down 2.8 %

RIVN opened at $11.21 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $12.17 and a 200-day simple moving average of $12.10. The firm has a market cap of $12.68 billion, a P/E ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Rivian Automotive Company 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.