State of New Jersey Common Pension Fund D reduced its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 377,144 shares of the electric vehicle automaker’s stock after selling 23,266 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $9,157,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in RIVN. WFA of San Diego LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth approximately $25,000. Sunbelt Securities Inc. boosted its holdings in shares of Rivian Automotive by 195.0% during the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 975 shares during the period. MCF Advisors LLC boosted its holdings in shares of Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after purchasing an additional 1,000 shares during the period. Resurgent Financial Advisors LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $30,000. Finally, First Horizon Advisors Inc. lifted its stake in Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares during the last quarter. 62.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Rivian Automotive in a research note on Thursday, December 7th. They issued a “buy” rating and a $23.00 target price for the company. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 8th. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Finally, Barclays cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $25.00 to $16.00 in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.81.
Rivian Automotive Trading Up 3.5 %
Shares of Rivian Automotive stock opened at $16.68 on Monday. The firm has a market capitalization of $15.97 billion, a PE ratio of -2.77 and a beta of 2.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.61 and a quick ratio of 3.64. The company’s fifty day moving average price is $18.92 and its two-hundred day moving average price is $19.85. Rivian Automotive, Inc. has a 52-week low of $11.68 and a 52-week high of $28.06.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $17.08, for a total value of $55,766.20. Following the sale, the chief financial officer now owns 173,030 shares of the company’s stock, valued at approximately $2,955,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.
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