Teachers Retirement System of The State of Kentucky Has $6.61 Million Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Teachers Retirement System of The State of Kentucky boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 17.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 589,382 shares of the electric vehicle automaker's stock after purchasing an additional 86,433 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.06% of Rivian Automotive worth $6,613,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% in the third 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 holdings in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock worth $608,000 after acquiring an additional 51,464 shares during the period. Mizuho Markets Americas LLC boosted its position in shares of Rivian Automotive by 30.7% during 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 acquiring an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. increased its stake in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after acquiring an additional 120,544 shares during the period. Finally, Renaissance Capital LLC raised its position in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock worth $9,958,000 after purchasing an additional 148,197 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RIVN shares. Wells Fargo & Company lowered their price objective on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. Bank of America cut Rivian Automotive from a "buy" rating to a "neutral" rating and cut their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Morgan Stanley cut shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Robert W. Baird reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.83.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 177,974 shares of company stock valued at $2,038,483 in the last 90 days. 2.51% of the stock is owned by company insiders.

Rivian Automotive Trading Up 1.2 %

NASDAQ RIVN traded up $0.17 during trading hours on Friday, hitting $14.37. The company's stock had a trading volume of 31,947,663 shares, compared to its average volume of 39,959,258. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The firm has a market capitalization of $14.67 billion, a P/E ratio of -2.57 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average of $11.08 and a 200 day moving average of $12.65.

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.