Van ECK Associates Corp Raises Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 389,971 shares of the electric vehicle automaker’s stock after buying an additional 17,878 shares during the period. Van ECK Associates Corp’s holdings in Rivian Automotive were worth $5,187,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of RIVN. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 52.5% in the third 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during 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 purchasing an additional 2,035,831 shares during the period. abrdn plc increased its holdings in shares of Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after purchasing an additional 45,200 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 2.9 %

Rivian Automotive stock opened at $14.44 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. The firm has a fifty day moving average price of $13.59 and a two-hundred day moving average price of $12.52. The firm has a market cap of $14.74 billion, a price-to-earnings ratio of -2.58 and a beta of 2.04. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.85.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent analyst reports. Piper Sandler lowered their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Mizuho reduced their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.13.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 359,932 shares of company stock worth $4,926,664 in the last 90 days. 2.51% of the stock is 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.