Teacher Retirement System of Texas Buys Shares of 110,968 Rivian Automotive, Inc. (NASDAQ:RIVN)

Teacher Retirement System of Texas bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 110,968 shares of the electric vehicle automaker’s stock, valued at approximately $1,382,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $123,308,000. Soma Equity Partners LP increased its stake in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $13.03 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $18.49. The firm has a market capitalization of $14.73 billion, a P/E ratio of -3.50 and a beta of 1.81. The company’s 50-day moving average is $14.19 and its 200 day moving average is $13.11.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period last year, the company posted ($1.48) earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analyst Weigh In

RIVN has been the subject of several analyst reports. Jefferies Financial Group restated a “hold” rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. UBS Group upped their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Finally, Needham & Company LLC reduced their price objective on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $14.38.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company’s stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 241,407 shares of company stock valued at $3,553,883. 2.16% of the stock is owned by insiders.

About Rivian Automotive

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.