Allstate Corp Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Allstate Corp acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 22,355 shares of the electric vehicle automaker's stock, valued at approximately $297,000.

A number of other institutional investors also recently bought and sold shares of RIVN. Geode Capital Management LLC lifted its position in shares of Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after purchasing an additional 223,860 shares during the period. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $123,308,000. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Rivian Automotive by 10.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock worth $10,764,000 after purchasing an additional 73,812 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Rivian Automotive during the fourth quarter worth $10,448,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $0.96 on Thursday, reaching $11.53. 38,213,101 shares of the company were exchanged, compared to its average volume of 37,249,069. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The firm has a market cap of $13.04 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03. The company has a 50-day moving average of $12.20 and a 200-day moving average of $12.11.

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Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company 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%. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on RIVN. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Benchmark reissued a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Piper Sandler downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Robert W. Baird reiterated a "neutral" rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Mizuho decreased their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $14.38.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is owned by insiders.

Rivian Automotive Company 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.