California Public Employees Retirement System raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 12.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 324,331 shares of the electric vehicle automaker's stock after acquiring an additional 34,622 shares during the quarter. California Public Employees Retirement System's holdings in Rivian Automotive were worth $8,348,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. TCTC Holdings LLC acquired a new position in shares of Rivian Automotive in the first quarter worth $25,000. Bartlett & Co. LLC raised its holdings in shares of Rivian Automotive by 104.2% in the second quarter. Bartlett & Co. LLC now owns 980 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Concord Wealth Partners acquired a new position in Rivian Automotive in the second quarter valued at $25,000. Venture Visionary Partners LLC acquired a new position in Rivian Automotive in the second quarter valued at $27,000. Finally, Exane Derivatives acquired a new position in Rivian Automotive in the second quarter valued at $28,000. 62.09% of the stock is owned by institutional investors and hedge funds.
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In related news, CFO Claire Mcdonough sold 14,235 shares of the business's stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total value of 497,086.20. Following the transaction, 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 SEC, which is available at this hyperlink. In related news, CFO Claire Mcdonough sold 14,235 shares of the business's stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total value of 497,086.20. Following the transaction, 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 SEC, which is available at this hyperlink. Also, CAO Jeff Baker sold 1,689 shares of the business's stock in a transaction dated 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 owns 89,331 shares in the company, valued at approximately 3,071,199.78. The disclosure for this sale can be found here. Insiders own 2.34% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the company. Cfra lowered Rivian Automotive to a "sell" rating and set a $25.00 target price for the company. in a research note on Friday, September 23rd. DA Davidson dropped their target price on Rivian Automotive from $27.00 to $23.00 and set an "underperform" rating for the company in a research note on Thursday, November 10th. Wells Fargo & Company dropped their target price on Rivian Automotive from $35.00 to $32.00 and set an "equal weight" rating for the company in a research note on Thursday, November 10th. Morgan Stanley dropped their target price on Rivian Automotive from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Monday, November 14th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Rivian Automotive from $44.00 to $43.00 in a research note on Thursday, November 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of 59.00.Rivian Automotive Trading Up 1.8 %
Shares of NASDAQ RIVN opened at 28.94 on Wednesday. Rivian Automotive, Inc. has a 1-year low of 19.25 and a 1-year high of 126.75. The business has a 50-day moving average of 33.33 and a 200-day moving average of 31.85. The company has a quick ratio of 6.39, a current ratio of 6.84 and a debt-to-equity ratio of 0.08.
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.
Further Reading
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