Teacher Retirement System of Texas Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Teacher Retirement System of Texas bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 110,968 shares of the electric vehicle automaker's stock, valued at approximately $1,382,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Dimension Capital Management LLC raised its holdings in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after purchasing an additional 849 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after purchasing an additional 867 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in Rivian Automotive by 1.4% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 91,300 shares of the electric vehicle automaker's stock worth $1,246,000 after purchasing an additional 1,265 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Rivian Automotive by 8.3% in the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker's stock worth $228,000 after purchasing an additional 1,314 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 241,407 shares of company stock worth $3,553,883 over the last three months. Insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded down $0.24 on Wednesday, hitting $12.39. The stock had a trading volume of 41,530,109 shares, compared to its average volume of 32,790,784. The stock has a market cap of $14.01 billion, a price-to-earnings ratio of -3.33 and a beta of 1.81. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The business's 50-day simple moving average is $14.15 and its two-hundred day simple moving average is $13.09. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.49.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm posted ($1.48) earnings per share. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RIVN. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Needham & Company LLC decreased their price objective on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. The Goldman Sachs Group reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a report on Sunday, June 22nd. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus price target 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.