Public Employees Retirement System of Ohio Has $3.32 Million Stake in Rivian Automotive, Inc. $RIVN

Public Employees Retirement System of Ohio lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 7.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 241,427 shares of the electric vehicle automaker’s stock after selling 18,924 shares during the period. Public Employees Retirement System of Ohio’s holdings in Rivian Automotive were worth $3,317,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. PFS Partners LLC boosted its stake in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its position in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares in the last quarter. WPG Advisers LLC bought a new stake in Rivian Automotive in the 1st quarter worth about $34,000. Olde Wealth Management LLC bought a new stake in Rivian Automotive in the 1st quarter worth about $37,000. Finally, Golden State Wealth Management LLC grew its position in Rivian Automotive by 107.9% in the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker’s stock worth $41,000 after purchasing an additional 1,714 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. The Goldman Sachs Group upped their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Finally, Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.85.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by insiders.

Rivian Automotive Stock Down 3.7%

Rivian Automotive stock opened at $14.68 on Wednesday. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15. The firm has a 50 day moving average price of $13.48 and a 200-day moving average price of $13.33. The company has a market capitalization of $17.81 billion, a P/E ratio of -4.54 and a beta of 1.81. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company earned ($1.46) earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current 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.