Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 36.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 148,423 shares of the electric vehicle automaker’s stock after buying an additional 39,751 shares during the period. Illinois Municipal Retirement Fund’s holdings in Rivian Automotive were worth $1,974,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. Swiss National Bank increased its stake in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after buying an additional 45,200 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Rivian Automotive by 11.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock worth $19,823,000 after buying an additional 181,155 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RIVN shares. Royal Bank of Canada dropped their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $13.00 to $15.00 in a report on Friday, February 21st. Truist Financial boosted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Finally, Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $14.87.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Performance

Shares of RIVN opened at $11.84 on Friday. The firm has a 50-day moving average price of $13.36 and a 200 day moving average price of $12.45. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $12.08 billion, a PE ratio of -2.51 and a beta of 2.04. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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.