Geode Capital Management LLC increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,000,392 shares of the electric vehicle automaker's stock after acquiring an additional 223,860 shares during the quarter. Geode Capital Management LLC owned approximately 1.29% of Rivian Automotive worth $145,550,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. grew its holdings in Rivian Automotive by 12.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 218,673 shares of the electric vehicle automaker's stock valued at $2,454,000 after purchasing an additional 25,000 shares during the period. Main Management ETF Advisors LLC bought a new position in shares of Rivian Automotive during the 3rd quarter worth $583,000. Orion Portfolio Solutions LLC increased its holdings in Rivian Automotive by 327.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker's stock worth $480,000 after acquiring an additional 32,747 shares during the last quarter. XTX Topco Ltd purchased a new stake in Rivian Automotive in the 3rd quarter worth about $1,105,000. Finally, EP Wealth Advisors LLC bought a new stake in Rivian Automotive in the 3rd quarter valued at about $129,000. Hedge funds and other institutional investors own 66.25% of the company's stock.
Wall Street Analysts Forecast Growth
RIVN has been the subject of several recent research reports. Morgan Stanley downgraded shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Wells Fargo & Company reduced their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. Wedbush restated an "outperform" rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Royal Bank of Canada cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Finally, Robert W. Baird lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $15.83.
Read Our Latest Research Report on Rivian Automotive
Insider Activity
In related news, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,403 shares of company stock worth $3,013,489. Insiders own 2.51% of the company's stock.
Rivian Automotive Stock Down 4.2 %
NASDAQ RIVN traded down $0.64 during midday trading on Tuesday, hitting $14.70. 30,837,973 shares of the company traded hands, compared to its average volume of 39,988,383. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market cap of $15.00 billion, a PE ratio of -2.63 and a beta of 2.12. The company's 50-day simple moving average is $11.18 and its 200-day simple moving average is $12.71. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61.
About Rivian Automotive
(
Free Report)
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.
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