Primecap Management Co. CA Sells 26,080 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Primecap Management Co. CA reduced its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 286,180 shares of the electric vehicle automaker’s stock after selling 26,080 shares during the period. Primecap Management Co. CA’s holdings in Rivian Automotive were worth $3,211,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in shares of Rivian Automotive by 52.5% during the 3rd 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 during the period. Renaissance Technologies LLC grew its holdings in 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 purchasing an additional 3,285,867 shares during the period. AQR Capital Management LLC grew its holdings in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the period. Bank of New York Mellon Corp increased its position in Rivian Automotive by 53.8% in the second 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 buying an additional 1,039,758 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Rivian Automotive in the second quarter valued at $9,388,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.24 on Friday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a fifty day moving average of $10.82 and a 200-day moving average of $12.40. The company has a market capitalization of $10.45 billion, a P/E ratio of -1.83 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Mizuho dropped 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. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $15.73.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,142,188 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

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.