Charles Schwab Investment Management Inc. Buys 2,035,831 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 79.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,607,220 shares of the electric vehicle automaker's stock after buying an additional 2,035,831 shares during the period. Charles Schwab Investment Management Inc. owned 0.46% of Rivian Automotive worth $51,693,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. abrdn plc boosted its position in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock valued at $38,587,000 after acquiring an additional 518,561 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock worth $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock worth $33,276,000 after purchasing an additional 1,257,106 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $12,127,675.68. This represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,307 shares of company stock worth $3,178,479 over the last 90 days. 2.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Mizuho dropped their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Thursday, November 14th. Finally, UBS Group dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $15.73.

Rivian Automotive Trading Up 0.1 %

NASDAQ RIVN traded up $0.01 during trading on Friday, hitting $12.23. The company had a trading volume of 26,167,951 shares, compared to its average volume of 49,984,600. The company's fifty day moving average is $10.67 and its 200-day moving average is $12.46. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. 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 cap of $12.48 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04.

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.