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

California Public Employees Retirement System lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) by 12.0% during the second quarter, Holdings Channel reports. The firm owned 324,331 shares of the electric vehicle automaker’s stock after buying an additional 34,622 shares during the period. California Public Employees Retirement System’s holdings in Rivian Automotive were worth $8,348,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Research Global Investors raised its position in shares of Rivian Automotive by 20.7% during the 1st quarter. Capital Research Global Investors now owns 31,074,412 shares of the electric vehicle automaker’s stock worth $1,520,474,000 after purchasing an additional 5,318,672 shares during the period. Allianz Asset Management GmbH raised its position in shares of Rivian Automotive by 0.5% during the 1st quarter. Allianz Asset Management GmbH now owns 10,384,010 shares of the electric vehicle automaker’s stock worth $521,692,000 after purchasing an additional 54,765 shares during the period. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 9,777,340 shares of the electric vehicle automaker’s stock worth $491,214,000 after purchasing an additional 221,383 shares during the period. State Street Corp raised its position in shares of Rivian Automotive by 12.8% during the 1st quarter. State Street Corp now owns 3,284,410 shares of the electric vehicle automaker’s stock worth $165,009,000 after purchasing an additional 372,960 shares during the period. Finally, TD Asset Management Inc. raised its position in shares of Rivian Automotive by 1.3% during the 1st quarter. TD Asset Management Inc. now owns 1,552,879 shares of the electric vehicle automaker’s stock worth $78,017,000 after purchasing an additional 20,591 shares during the period. 62.09% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

RIVN opened at 28.94 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39. The business has a fifty day simple moving average of 33.33 and a 200-day simple moving average of 31.85. Rivian Automotive, Inc. has a fifty-two week low of 19.25 and a fifty-two week high of 126.75.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 14,235 shares of the stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total value of 497,086.20. Following the completion of the sale, the chief financial officer now owns 81,151 shares in the company, valued at 2,833,792.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Claire Mcdonough sold 14,235 shares of the stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total value of 497,086.20. Following the completion of the sale, the chief financial officer now owns 81,151 shares in the company, valued at 2,833,792.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 1,689 shares of the stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of 34.38, for a total value of 58,067.82. Following the completion of the sale, the chief accounting officer now owns 89,331 shares of the company’s stock, valued at approximately 3,071,199.78. The disclosure for this sale can be found here. Corporate insiders own 2.34% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research reports. The Goldman Sachs Group increased their price target on Rivian Automotive to $41.00 in a research report on Monday, August 15th. Truist Financial assumed coverage on Rivian Automotive in a report on Wednesday, September 28th. They issued a “buy” rating and a $65.00 price objective for the company. Wells Fargo & Company decreased their price objective on Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, November 10th. Cfra lowered Rivian Automotive to a “sell” rating and set a $25.00 price objective for the company. in a report on Friday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Rivian Automotive from $44.00 to $43.00 in a report on Thursday, November 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of 59.00.

Rivian Automotive Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

Further Reading

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

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