Rivian Automotive, Inc. $RIVN Shares Acquired by New York State Common Retirement Fund

Key Points

• New York State Common Retirement Fund boosted its stake in Rivian by 36.4% in Q3, buying 159,400 shares to hold 597,353 shares worth about $8.77 million, while institutional investors own roughly 66.25% of the stock.
• Rivian beat estimates for the quarter, reporting revenue of $1.56 billion (up 78% year-over-year) and EPS of -$0.65 versus the -$0.71 consensus.
• Company insiders have been net sellers—offloading 172,504 shares worth $3.01 million over the past three months (insiders own 2.16%)—and analysts remain mixed with a consensus "Hold" rating and a $16.74 price target.

New York State Common Retirement Fund lifted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 597,353 shares of the electric vehicle automaker's stock after buying an additional 159,400 shares during the period. New York State Common Retirement Fund's holdings in Rivian Automotive were worth $8,769,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Assetmark Inc. raised its position in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. bought a new position in Rivian Automotive during the 3rd quarter worth $30,000. Fairman Group LLC acquired a new stake in Rivian Automotive in the second quarter worth $31,000. Finally, Hemington Wealth Management lifted its stake in Rivian Automotive by 291.0% in the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker's stock valued at $31,000 after buying an additional 1,580 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total value of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares of the company's stock, valued at $13,140,306. The trade was a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director directly owned 29,122 shares of the company's stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 172,504 shares of company stock worth $3,012,734. 2.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. UBS Group reaffirmed a "sell" rating and issued a $15.00 price objective (up previously from $13.00) on shares of Rivian Automotive in a report on Wednesday, January 14th. DA Davidson raised their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, November 11th. Mizuho reaffirmed an "underperform" rating and set a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Canaccord Genuity Group reissued a "buy" rating on shares of Rivian Automotive in a report on Monday, December 15th. Finally, Stifel Nicolaus lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Monday, November 17th. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus price target of $16.74.

Rivian Automotive Stock Performance

RIVN opened at $14.37 on Thursday. The business has a 50 day moving average price of $17.98 and a two-hundred day moving average price of $15.26. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a market capitalization of $17.62 billion, a price-to-earnings ratio of -4.62 and a beta of 1.76. Rivian Automotive, Inc. has a 1-year low of $10.36 and a 1-year high of $22.69.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same period last year, the firm earned ($1.08) EPS. The firm's revenue for the quarter was up 78.3% on a year-over-year basis. Research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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