Rivian Automotive, Inc. $RIVN Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 272,938 shares of the electric vehicle automaker’s stock after selling 5,968 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $3,750,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its stake in Rivian Automotive by 76.5% in the second quarter. AlphaQuest LLC now owns 15,897 shares of the electric vehicle automaker’s stock valued at $218,000 after buying an additional 6,889 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Rivian Automotive by 7.9% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,831,402 shares of the electric vehicle automaker’s stock worth $25,163,000 after acquiring an additional 133,669 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of Rivian Automotive by 11.2% in the 2nd quarter. Asset Management One Co. Ltd. now owns 342,331 shares of the electric vehicle automaker’s stock worth $4,704,000 after acquiring an additional 34,471 shares during the period. Bleakley Financial Group LLC bought a new stake in Rivian Automotive in the 2nd quarter valued at about $266,000. Finally, Forum Financial Management LP boosted its stake in Rivian Automotive by 41.3% during the 2nd quarter. Forum Financial Management LP now owns 52,531 shares of the electric vehicle automaker’s stock valued at $722,000 after purchasing an additional 15,362 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 7,247 shares of the business’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 transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,147 shares of company stock worth $577,593. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $13.41 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The company has a market capitalization of $16.27 billion, a PE ratio of -4.15 and a beta of 1.82. The stock has a fifty day moving average of $13.72 and a 200-day moving average of $13.54. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15.

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

Analyst Ratings Changes

RIVN has been the topic of several analyst reports. Stifel Nicolaus dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Wedbush lowered their price target on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Zacks Research downgraded shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Guggenheim lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $13.76.

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.