Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by Swiss National Bank

Swiss National Bank boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 2,198,300 shares of the electric vehicle automaker’s stock after acquiring an additional 45,200 shares during the period. Swiss National Bank owned about 0.22% of Rivian Automotive worth $24,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. UniSuper Management Pty Ltd boosted its stake in Rivian Automotive by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 9,400 shares of the electric vehicle automaker’s stock worth $103,000 after purchasing an additional 4,700 shares during the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Rivian Automotive by 121.4% during the first quarter. Axxcess Wealth Management LLC now owns 51,388 shares of the electric vehicle automaker’s stock worth $563,000 after buying an additional 28,179 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of Rivian Automotive by 240.3% in the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after buying an additional 193,345 shares during the last quarter. Finally, BOKF NA lifted its stake in shares of Rivian Automotive by 14.5% in the first quarter. BOKF NA now owns 26,937 shares of the electric vehicle automaker’s stock worth $299,000 after buying an additional 3,411 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

RIVN opened at $10.07 on Friday. The firm has a market cap of $10.27 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04. 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 stock’s 50-day moving average price is $10.89 and its 200 day moving average price is $12.41. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock valued at $2,142,188. 2.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent research reports. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Needham & Company LLC reduced their price objective 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. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.73.

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.