Rivian Automotive, Inc. (NASDAQ:RIVN) Position Decreased by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 40.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,248 shares of the electric vehicle automaker’s stock after selling 20,276 shares during the quarter. Teacher Retirement System of Texas’ holdings in Rivian Automotive were worth $710,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Stifel Financial Corp boosted its holdings in shares of Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after buying an additional 19,699 shares during the period. CenterBook Partners LP acquired a new position in Rivian Automotive in the 3rd quarter worth approximately $4,473,000. Atria Wealth Solutions Inc. grew its position in Rivian Automotive by 448.0% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock worth $5,569,000 after purchasing an additional 187,495 shares in the last quarter. Morgan Stanley raised its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in shares of Rivian Automotive in the third quarter valued at $1,806,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 4.9 %

Shares of NASDAQ:RIVN opened at $10.44 on Friday. 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’s 50-day moving average is $10.06 and its 200-day moving average is $14.49. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RIVN shares. Mizuho dropped their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Robert W. Baird lowered their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald dropped their price objective on shares of Rivian Automotive from $23.00 to $15.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. DA Davidson decreased their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Morgan Stanley dropped their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate 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.