Empowered Funds LLC Grows Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Empowered Funds LLC boosted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 59.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,466 shares of the electric vehicle automaker’s stock after buying an additional 6,860 shares during the period. Empowered Funds LLC’s holdings in Rivian Automotive were worth $207,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Baillie Gifford & Co. raised its stake in shares of 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 valued at $565,012,000 after acquiring an additional 17,341,786 shares during the period. Renaissance Technologies LLC increased its holdings in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. AQR Capital Management LLC raised its position in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the period. Bank of New York Mellon Corp lifted its stake in Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Rivian Automotive during the second quarter worth $9,388,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Guggenheim decreased their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. UBS Group reduced their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.73.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock worth $2,142,188. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.55 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The firm has a market capitalization of $11.79 billion, a P/E ratio of -2.10 and a beta of 2.04. The company’s fifty day moving average price is $10.72 and its 200 day moving average price is $12.44.

Rivian Automotive 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.