Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Acquired by Metis Global Partners LLC

Metis Global Partners LLC boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.8% during the third quarter, HoldingsChannel reports. The fund owned 115,164 shares of the electric vehicle automaker’s stock after buying an additional 12,166 shares during the period. Metis Global Partners LLC’s holdings in Rivian Automotive were worth $1,292,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after purchasing an additional 1,226,357 shares during the period. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 52.5% during 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 during the period. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares during the last quarter. abrdn plc raised its stake 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 acquiring an additional 518,561 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 2.4 %

Rivian Automotive stock opened at $10.06 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04. The stock’s fifty day moving average is $11.09 and its two-hundred day moving average is $12.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RIVN shares. Needham & Company LLC cut their target price 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. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Wells Fargo & Company lowered their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Company 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.