Oak Thistle LLC Makes New $316,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Oak Thistle LLC acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 23,737 shares of the electric vehicle automaker’s stock, valued at approximately $316,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIVN. Baillie Gifford & Co. increased its position 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 worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. raised its position 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. abrdn plc lifted its position in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after acquiring an additional 518,561 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. UBS Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company decreased their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $14.21 on Friday. The company has a market capitalization of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. The company’s 50-day simple moving average is $12.96 and its two-hundred day simple moving average is $13.07. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock worth $4,467,450 in the last ninety 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.