Alberta Investment Management Corp Buys New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Alberta Investment Management Corp bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 499,840 shares of the electric vehicle automaker’s stock, valued at approximately $6,648,000.

Several other large investors also recently added to or reduced their stakes in the business. Baillie Gifford & Co. grew its position 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 valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC grew its position in Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 79.2% during the third 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 buying an additional 2,035,831 shares during the period. abrdn plc boosted 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 worth $38,587,000 after purchasing an additional 518,561 shares during the period. Finally, Swiss National Bank boosted its position in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. UBS Group upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Barclays upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Price Performance

RIVN stock opened at $13.93 on Thursday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a fifty day simple moving average of $13.60 and a two-hundred day simple moving average of $12.53. The firm has a market capitalization of $14.22 billion, a P/E ratio of -2.49 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is currently owned by insiders.

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.