Rivian Automotive, Inc. (NASDAQ:RIVN) Position Increased by California State Teachers Retirement System

California State Teachers Retirement System raised its position in Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,020,775 shares of the electric vehicle automaker’s stock after purchasing an additional 14,253 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Rivian Automotive worth $23,947,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. FinTrust Capital Advisors LLC increased its holdings in Rivian Automotive by 552.5% in the fourth quarter. FinTrust Capital Advisors LLC now owns 2,610 shares of the electric vehicle automaker’s stock worth $61,000 after buying an additional 2,210 shares during the last quarter. Alberta Investment Management Corp raised its holdings in shares of Rivian Automotive by 332.2% during the 4th quarter. Alberta Investment Management Corp now owns 46,250 shares of the electric vehicle automaker’s stock valued at $1,085,000 after purchasing an additional 35,550 shares in the last quarter. Tradition Wealth Management LLC lifted its stake in shares of Rivian Automotive by 12.5% in the 4th quarter. Tradition Wealth Management LLC now owns 9,871 shares of the electric vehicle automaker’s stock valued at $232,000 after purchasing an additional 1,100 shares during the last quarter. Bank of Nova Scotia bought a new stake in Rivian Automotive in the fourth quarter worth $3,923,000. Finally, Laidlaw Wealth Management LLC boosted its holdings in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $11.45 on Thursday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The stock has a market cap of $11.40 billion, a P/E ratio of -1.98 and a beta of 2.01. The company’s 50-day simple moving average is $10.02 and its 200 day simple moving average is $14.18.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction 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 directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 8th. Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Finally, Robert W. Baird decreased their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Read Our Latest Report on Rivian Automotive

About Rivian Automotive

(Free Report)

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.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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