California Public Employees Retirement System Trims Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

California Public Employees Retirement System reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 945,042 shares of the electric vehicle automaker’s stock after selling 31,552 shares during the period. California Public Employees Retirement System’s holdings in Rivian Automotive were worth $22,171,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RIVN. Ancora Advisors LLC purchased a new stake in Rivian Automotive during the third quarter worth about $27,000. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive during the fourth quarter worth about $26,000. First Horizon Advisors Inc. increased its stake in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares during the period. Arlington Trust Co LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $35,000. Finally, Fortitude Family Office LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $41,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. JPMorgan Chase & Co. downgraded Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Tuesday, April 16th. Wells Fargo & Company lowered their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Finally, Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Trading Up 6.1 %

Shares of RIVN stock opened at $9.04 on Monday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $28.06. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The stock’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $15.48.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

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.