Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 28.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 278,467 shares of the electric vehicle automaker’s stock after selling 110,298 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $3,737,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RIVN. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Jump Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $401,000. Dimensional Fund Advisors LP boosted its holdings in shares of Rivian Automotive by 11.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,691,417 shares of the electric vehicle automaker’s stock valued at $86,603,000 after purchasing an additional 392,999 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Rivian Automotive by 0.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 143,459 shares of the electric vehicle automaker’s stock valued at $3,366,000 after purchasing an additional 908 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Rivian Automotive by 18.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after purchasing an additional 802 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Down 0.8 %

Rivian Automotive stock opened at $13.10 on Wednesday. The firm has a market cap of $13.21 billion, a PE ratio of -2.27 and a beta of 2.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm’s 50 day moving average price is $14.80 and its two-hundred day moving average price is $12.30. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, research analysts predict that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and set a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Morgan Stanley lifted their target price on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Truist Financial lifted their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $18.09.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,830 shares of company stock worth $7,872,145. 2.30% of the stock is currently owned by company insiders.

About Rivian Automotive

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.