Investment Management Corp of Ontario Acquires 8,400 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Investment Management Corp of Ontario boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 52.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,533 shares of the electric vehicle automaker’s stock after acquiring an additional 8,400 shares during the period. Investment Management Corp of Ontario’s holdings in Rivian Automotive were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. GHP Investment Advisors Inc. boosted its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC grew its position in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. International Assets Investment Management LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. boosted its stake in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Wells Fargo & Company lowered their price objective on 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. Finally, Guggenheim cut their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.73.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,307 shares of company stock worth $3,178,479 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $13.00 on Monday. The company has a market capitalization of $13.27 billion, a PE ratio of -2.32 and a beta of 2.12. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a 50 day simple moving average of $10.74 and a two-hundred day simple moving average of $12.54.

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.