Rivian Automotive, Inc. $RIVN Stock Holdings Lowered by Korea Investment CORP

Key Points

• Korea Investment CORP cut its Rivian stake by 31.8% in Q2, selling 115,729 shares and leaving it with 248,073 shares valued at about $3.41 million.
• CEO Robert J. Scaringe sold 52,350 shares on Nov. 11 for roughly $869,010, part of 104,700 insider shares sold in the quarter; company insiders now own about 2.16% of Rivian.
• Rivian shares trade near $17, with a market cap of ~$21.0 billion and a 1‑year range of $10.36–$18.13; analyst coverage is mixed (6 Buy, 16 Hold, 5 Sell) with a consensus rating of Hold and an average price target of $14.34.

Korea Investment CORP lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 31.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 248,073 shares of the electric vehicle automaker's stock after selling 115,729 shares during the period. Korea Investment CORP's holdings in Rivian Automotive were worth $3,409,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. increased its position in Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker's stock valued at $80,376,000 after acquiring an additional 799,030 shares during the period. Caisse Des Depots ET Consignations acquired a new position in Rivian Automotive during the 1st quarter worth $2,807,000. XTX Topco Ltd bought a new position in shares of Rivian Automotive in the second quarter worth $1,324,000. Ethos Financial Group LLC acquired a new position in shares of Rivian Automotive during the first quarter valued at $311,000. Finally, Tableaux LLC acquired a new position in shares of Rivian Automotive during the second quarter valued at $3,435,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of the business's stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares in the company, valued at $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 104,700 shares of company stock valued at $1,621,280 over the last quarter. Company insiders own 2.16% of the company's stock.

Rivian Automotive Trading Up 1.8%

Shares of RIVN opened at $17.16 on Tuesday. The business's 50-day moving average price is $14.49 and its 200 day moving average price is $13.95. 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 capitalization of $21.04 billion, a P/E ratio of -5.52 and a beta of 1.79. Rivian Automotive, Inc. has a 1-year low of $10.36 and a 1-year high of $18.13.

Wall Street Analyst Weigh In

RIVN has been the topic of several research analyst reports. Cfra Research raised shares of Rivian Automotive to a "moderate sell" rating in a research note on Thursday, October 2nd. Wall Street Zen upgraded shares of Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Saturday, November 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus lifted their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, November 17th. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $14.34.

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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