Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Empowered Funds LLC

Empowered Funds LLC raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 168.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 49,562 shares of the electric vehicle automaker’s stock after buying an additional 31,096 shares during the period. Empowered Funds LLC’s holdings in Rivian Automotive were worth $659,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Tandem Financial LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $556,000. Bleakley Financial Group LLC raised its position in shares of Rivian Automotive by 14.7% during the 4th quarter. Bleakley Financial Group LLC now owns 31,646 shares of the electric vehicle automaker’s stock valued at $421,000 after buying an additional 4,045 shares during the period. RFG Holdings Inc. raised its position in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the period. Finally, Sloy Dahl & Holst LLC raised its position in shares of Rivian Automotive by 4.7% during the 4th quarter. Sloy Dahl & Holst LLC now owns 43,171 shares of the electric vehicle automaker’s stock valued at $574,000 after buying an additional 1,920 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.44 on Wednesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a fifty day moving average price of $13.59 and a 200 day moving average price of $12.52. The company has a market cap of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.04. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.85.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 359,932 shares of company stock worth $4,926,664. Corporate insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on RIVN shares. Benchmark started coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Royal Bank of Canada reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Monday, January 6th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group boosted their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.13.

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.