Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.1% in the fourth quarter, HoldingsChannel reports. The firm owned 388,765 shares of the electric vehicle automaker’s stock after acquiring an additional 11,621 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $9,120,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AE Wealth Management LLC lifted its holdings in Rivian Automotive by 150.2% in the third quarter. AE Wealth Management LLC now owns 49,084 shares of the electric vehicle automaker’s stock valued at $1,192,000 after acquiring an additional 29,464 shares during the period. Private Trust Co. NA lifted its holdings in Rivian Automotive by 2,117.6% in the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock valued at $46,000 after acquiring an additional 1,800 shares during the period. Caprock Group LLC acquired a new position in Rivian Automotive in the third quarter valued at approximately $479,000. Roman Butler Fullerton & Co. lifted its holdings in Rivian Automotive by 29.6% in the third quarter. Roman Butler Fullerton & Co. now owns 10,459 shares of the electric vehicle automaker’s stock valued at $254,000 after acquiring an additional 2,389 shares during the period. Finally, RFG Holdings Inc. acquired a new position in Rivian Automotive in the third quarter valued at approximately $220,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value 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 disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 in the last three months. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RIVN. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Tuesday, April 16th. The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Bank of America cut their price objective on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Trading Down 3.6 %

NASDAQ:RIVN traded down $0.32 during trading hours on Thursday, hitting $8.52. The company had a trading volume of 21,809,822 shares, compared to its average volume of 42,503,570. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $11.13 and a 200 day moving average of $15.65. The company has a market cap of $8.33 billion, a P/E ratio of -1.48 and a beta of 1.88. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Sell-side analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

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.