Oak Thistle LLC Purchases New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Oak Thistle LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 23,737 shares of the electric vehicle automaker's stock, valued at approximately $316,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC boosted its stake in 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 valued at $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC boosted its stake in 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 valued at $5,964,000 after purchasing an additional 124,950 shares during the period. Vontobel Holding Ltd. boosted its stake in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares during the period. Finally, Renaissance Capital LLC boosted its stake in Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after purchasing an additional 148,197 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were 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 represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,429 shares of company stock worth $4,467,450. Corporate insiders own 2.51% of the company's stock.

Rivian Automotive Trading Down 1.6 %

Shares of Rivian Automotive stock traded down $0.23 on Friday, hitting $14.21. 64,966,337 shares of the company's stock traded hands, compared to its average volume of 33,747,016. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85. 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 fifty day moving average of $12.96 and a two-hundred day moving average of $13.07. The company has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They set a "buy" rating and a $18.00 target price for the company. Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, November 11th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research report on Tuesday, October 22nd. Bank of America downgraded Rivian Automotive from a "buy" rating to a "neutral" rating and cut their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Guggenheim cut their target price on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $15.48.

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.