Arizona State Retirement System Purchases 16,879 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Arizona State Retirement System lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 9.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,765 shares of the electric vehicle automaker’s stock after purchasing an additional 16,879 shares during the period. Arizona State Retirement System’s holdings in Rivian Automotive were worth $2,681,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Gries Financial LLC grew its holdings in Rivian Automotive by 44.1% during the second quarter. Gries Financial LLC now owns 16,195 shares of the electric vehicle automaker’s stock worth $217,000 after purchasing an additional 4,956 shares during the period. Foundations Investment Advisors LLC boosted its stake in shares of Rivian Automotive by 69.7% during the 2nd quarter. Foundations Investment Advisors LLC now owns 50,232 shares of the electric vehicle automaker’s stock worth $674,000 after acquiring an additional 20,624 shares during the period. First National Trust Co acquired a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $271,000. Rhumbline Advisers raised its stake in Rivian Automotive by 17.9% in the 2nd quarter. Rhumbline Advisers now owns 905,190 shares of the electric vehicle automaker’s stock valued at $12,148,000 after acquiring an additional 137,341 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Rivian Automotive by 29.3% during the 2nd quarter. CIBC Asset Management Inc now owns 30,817 shares of the electric vehicle automaker’s stock valued at $414,000 after purchasing an additional 6,981 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders have sold 417,497 shares of company stock worth $6,732,150 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.08 on Tuesday. The firm’s 50 day simple moving average is $14.94 and its 200 day simple moving average is $12.21. The firm has a market capitalization of $13.19 billion, a price-to-earnings ratio of -2.27 and a beta of 2.07. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RIVN shares. Guggenheim started coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective on the stock. Piper Sandler reissued an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Wells Fargo & Company reduced their price objective on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Truist Financial increased their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Finally, Barclays boosted their price target on Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.14.

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.