Teachers Retirement System of The State of Kentucky Raises Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Teachers Retirement System of The State of Kentucky raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 17.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 589,382 shares of the electric vehicle automaker’s stock after buying an additional 86,433 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Rivian Automotive were worth $6,613,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its stake in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC boosted its position in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 3.2 %

RIVN stock opened at $14.20 on Friday. The business’s 50-day moving average price is $11.00 and its 200-day moving average price is $12.62. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value 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. The trade was a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 177,974 shares of company stock worth $2,038,483 over the last three months. 2.51% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Truist Financial dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, Benchmark began coverage on shares of Rivian Automotive in a report on Monday. They issued a “buy” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.83.

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.