Allstate Corp Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Allstate Corp acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,355 shares of the electric vehicle automaker's stock, valued at approximately $297,000.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter worth about $123,308,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $10,448,000. Raymond James Financial Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $9,432,000. Alberta Investment Management Corp acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $6,648,000. Finally, Korea Investment CORP lifted its stake in Rivian Automotive by 306.2% in the fourth quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker's stock worth $7,166,000 after acquiring an additional 406,146 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 185,427 shares of company stock valued at $2,588,475. Corporate insiders own 2.51% of the company's stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded down $0.32 during trading hours on Friday, hitting $11.21. 34,694,062 shares of the company were exchanged, compared to its average volume of 37,219,406. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average of $12.17 and a 200-day moving average of $12.08. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The stock has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent analyst reports. Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Finally, Robert W. Baird restated a "neutral" rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $14.38.

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.