110,968 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by Teacher Retirement System of Texas

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

A number of other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors purchased a new position in Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter worth about $123,308,000. Soma Equity Partners LP lifted its position in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after buying an additional 1,407,772 shares during the period. Finally, Northern Trust Corp lifted its position in Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RIVN. Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Wells Fargo & Company dropped their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Piper Sandler upped their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Finally, Benchmark restated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $13.03 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.49. The business has a 50 day moving average price of $14.19 and a two-hundred day moving average price of $13.11. 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 firm has a market cap of $14.73 billion, a PE ratio of -3.50 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same quarter last year, the firm earned ($1.48) EPS. Rivian Automotive's quarterly revenue was up 3.0% on a year-over-year basis. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,407 shares of company stock valued at $3,553,883. 2.16% of the stock is owned by insiders.

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.

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