California Public Employees Retirement System Has $16.83 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

California Public Employees Retirement System increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 19.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,265,248 shares of the electric vehicle automaker's stock after buying an additional 208,326 shares during the period. California Public Employees Retirement System owned 0.12% of Rivian Automotive worth $16,828,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. RFG Holdings Inc. boosted its position in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after acquiring an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after purchasing an additional 1,160 shares during the period. Freestone Capital Holdings LLC grew its position in shares of Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after buying an additional 1,164 shares during the last quarter. World Investment Advisors LLC raised its holdings in Rivian Automotive by 8.6% in the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock worth $204,000 after purchasing an additional 1,446 shares in the last quarter. Finally, First Pacific Financial raised its stake in Rivian Automotive by 4.1% in the fourth quarter. First Pacific Financial now owns 37,189 shares of the electric vehicle automaker's stock worth $495,000 after buying an additional 1,449 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

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Rivian Automotive Stock Down 2.8 %

NASDAQ:RIVN traded down $0.32 during trading hours on Friday, hitting $11.21. The stock had a trading volume of 34,694,062 shares, compared to its average volume of 37,220,143. 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 business has a 50 day simple moving average of $12.17 and a two-hundred day simple moving average of $12.09. The company has a market cap of $12.68 billion, a PE ratio of -2.37 and a beta of 2.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. 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 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 completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock valued at $2,588,475. Insiders own 2.51% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Mizuho decreased their target price 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. Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Cowen initiated coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Finally, Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average target price of $14.38.

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.