Primecap Management Co. CA cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 357,080 shares of the electric vehicle automaker's stock after selling 2,440 shares during the period. Primecap Management Co. CA's holdings in Rivian Automotive were worth $9,191,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of RIVN. Capital Research Global Investors boosted its position in shares of Rivian Automotive by 20.7% in the 1st quarter. Capital Research Global Investors now owns 31,074,412 shares of the electric vehicle automaker's stock valued at $1,520,474,000 after purchasing an additional 5,318,672 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Rivian Automotive by 0.5% in the first quarter. Allianz Asset Management GmbH now owns 10,384,010 shares of the electric vehicle automaker's stock valued at $521,692,000 after acquiring an additional 54,765 shares during the period. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 2.3% during the first quarter. Vanguard Group Inc. now owns 9,777,340 shares of the electric vehicle automaker's stock worth $491,214,000 after acquiring an additional 221,383 shares during the last quarter. State Street Corp increased its holdings in shares of Rivian Automotive by 12.8% in the 1st quarter. State Street Corp now owns 3,284,410 shares of the electric vehicle automaker's stock valued at $165,009,000 after acquiring an additional 372,960 shares during the period. Finally, TD Asset Management Inc. raised its position in Rivian Automotive by 1.3% in the 1st quarter. TD Asset Management Inc. now owns 1,552,879 shares of the electric vehicle automaker's stock valued at $78,017,000 after purchasing an additional 20,591 shares during the last quarter. Institutional investors and hedge funds own 62.09% of the company's stock.
Get Rivian Automotive alerts:Rivian Automotive Trading Down 6.3 %
Shares of RIVN opened at 28.42 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39. Rivian Automotive, Inc. has a 1-year low of 19.25 and a 1-year high of 126.75. The stock has a market cap of $26.17 billion and a price-to-earnings ratio of -2.74. The firm has a 50 day simple moving average of 33.53 and a 200-day simple moving average of 31.89.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Wedbush dropped their price objective on shares of Rivian Automotive from $45.00 to $37.00 and set an "outperform" rating on the stock in a research note on Thursday, November 10th. Canaccord Genuity Group lowered their target price on Rivian Automotive from $61.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, November 10th. Mizuho cut their price target on Rivian Automotive from $65.00 to $58.00 and set a "buy" rating for the company in a research note on Thursday, November 10th. Piper Sandler decreased their price target on Rivian Automotive from $83.00 to $63.00 and set an "overweight" rating for the company in a report on Thursday, November 10th. Finally, Cfra cut shares of Rivian Automotive to a "sell" rating and set a $25.00 price objective on the stock. in a research note on Friday, September 23rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Moderate Buy" and an average target price of 59.00.Insider Buying and Selling at Rivian Automotive
In other news, CAO Jeff Baker sold 1,689 shares of the business's stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.38, for a total value of 58,067.82. Following the completion of the transaction, the chief accounting officer now directly owns 89,331 shares of the company's stock, valued at 3,071,199.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Claire Mcdonough sold 14,235 shares of the firm's stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total transaction of 497,086.20. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 1,689 shares of the company's 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 transaction, the chief accounting officer now owns 89,331 shares of the company's stock, valued at 3,071,199.78. The disclosure for this sale can be found here. 2.34% of the stock is owned by insiders.
About Rivian Automotive
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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.
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