Arizona State Retirement System Has $2.90 Million Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Arizona State Retirement System increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 217,845 shares of the electric vehicle automaker’s stock after buying an additional 5,659 shares during the quarter. Arizona State Retirement System’s holdings in Rivian Automotive were worth $2,897,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its position in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 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 acquiring an additional 2,035,831 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $6,648,000. Virtu Financial LLC acquired a new stake in Rivian Automotive during the third quarter valued at $4,184,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Rivian Automotive in the fourth quarter valued at about $4,036,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RIVN shares. Wells Fargo & Company raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $14.73.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $11.17 on Monday. 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 $12.63 billion, a PE ratio of -2.37 and a beta of 2.03. The firm has a fifty day moving average price of $13.06 and a two-hundred day moving average price of $12.36. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86.

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

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by company insiders.

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.