The Manufacturers Life Insurance Company Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

The Manufacturers Life Insurance Company increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 76,651 shares of the electric vehicle automaker’s stock after buying an additional 4,338 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rivian Automotive were worth $860,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $51,693,000 after buying an additional 2,035,831 shares during the period. International Assets Investment Management LLC raised its position in Rivian Automotive by 1,870.7% in the third 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 raised its position in Rivian Automotive by 30.7% in the third 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. raised its position 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 purchasing 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 valued at $9,958,000 after purchasing an additional 148,197 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of analyst reports. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Morgan Stanley lowered 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. Needham & Company LLC dropped their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Guggenheim dropped their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.83.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $14.20 on Friday. The company has a market cap of $14.49 billion, a PE ratio of -2.54 and a beta of 2.12. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The stock has a 50 day simple moving average of $11.00 and a 200-day simple moving average of $12.62. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 177,974 shares of company stock valued at $2,038,483. Corporate insiders own 2.51% of the company’s stock.

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.