Rivian Automotive, Inc. $RIVN Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management raised its Rivian stake by 15.8% in Q2, acquiring 799,030 shares to hold 5,849,818 shares (about 0.52%) worth roughly $80.4 million.
• CEO Robert J. Scaringe sold 52,350 shares at an average price of $16.60 on Nov. 11—a 4.03% reduction in his holdings—while insiders have sold 104,700 shares in the past 90 days and now own 2.16% of the company.
• Wall Street consensus is a “Hold” with an average price target of $14.34 (6 Buy, 16 Hold, 5 Sell); Rivian’s market cap is about $20.69 billion and the stock recently traded near $16.88.

Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 15.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,849,818 shares of the electric vehicle automaker's stock after acquiring an additional 799,030 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.52% of Rivian Automotive worth $80,376,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Assetmark Inc. grew its holdings in Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,357 shares during the period. Fairman Group LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter valued at approximately $31,000. Banque Transatlantique SA grew its stake in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 2,243 shares during the period. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive in the first quarter valued at about $34,000. Finally, PFS Partners LLC increased its stake in shares of Rivian Automotive by 50.5% during the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker's stock worth $41,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Friday, October 3rd. DA Davidson raised their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Tuesday, November 11th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. JPMorgan Chase & Co. raised their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an "underweight" rating in a report on Monday, October 20th. Finally, The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $14.34.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares of the company's stock, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 104,700 shares of company stock worth $1,621,280 in the last ninety days. Company insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $16.88 on Friday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The stock has a market cap of $20.69 billion, a PE ratio of -5.43 and a beta of 1.81. The stock has a fifty day simple moving average of $14.45 and a 200-day simple moving average of $13.94. Rivian Automotive, Inc. has a twelve month low of $10.36 and a twelve month high of $18.13.

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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