499,840 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Acquired by Alberta Investment Management Corp

Alberta Investment Management Corp acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 499,840 shares of the electric vehicle automaker's stock, valued at approximately $6,648,000.

Several other large investors also recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC lifted its position in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock worth $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC lifted its position in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after purchasing an additional 124,950 shares during the period. SG Americas Securities LLC lifted its position in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares during the period. Finally, Entropy Technologies LP purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $1,317,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock worth $5,024,431 in the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RIVN. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Baird R W lowered shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Benchmark started coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price objective for the company. Cantor Fitzgerald lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $13.00 to $15.00 in a research note on Friday. Finally, UBS Group boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and a consensus target price of $15.50.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.59 during trading hours on Friday, reaching $13.02. The company had a trading volume of 61,385,194 shares, compared to its average volume of 34,370,266. The firm has a 50 day simple moving average of $13.59 and a 200-day simple moving average of $12.54. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $13.29 billion, a price-to-earnings ratio of -2.34 and a beta of 2.04. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. Research analysts expect that Rivian Automotive, Inc. will post -4.7 earnings per share for the current year.

Rivian Automotive 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.