USS Investment Management Ltd Takes Position in Rivian Automotive, Inc. $RIVN

Key Points

• USS Investment Management Ltd initiated a new position in Rivian Automotive in Q1, buying 841,876 shares valued at about $12.7 million and representing 0.07% of the company.
• Insider selling continued, with CFO Claire Mcdonough and CEO Robert J. Scaringe both selling shares in recent months under pre-arranged 10b5-1 trading plans.
• Rivian’s stock opened at $17.18, with a market value of $21.32 billion, while analysts were mixed overall: the consensus rating was Hold with an average price target of $18.57.

USS Investment Management Ltd purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 841,876 shares of the electric vehicle automaker's stock, valued at approximately $12,683,000. USS Investment Management Ltd owned 0.07% of Rivian Automotive as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock worth $4,733,000 after buying an additional 5,590 shares in the last quarter. Empowered Funds LLC grew its position in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock worth $679,000 after buying an additional 4,998 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock valued at $803,000 after buying an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after buying an additional 1,856 shares during the period. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $17.18 on Thursday. The company has a market capitalization of $21.32 billion, a PE ratio of -5.88 and a beta of 1.60. The company has a 50-day simple moving average of $15.60 and a two-hundred day simple moving average of $16.28. Rivian Automotive, Inc. has a one year low of $11.57 and a one year high of $22.69. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the sale, the chief financial officer owned 946,814 shares of the company's stock, valued at $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares of the company's stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 80,076 shares of company stock valued at $1,256,286. 1.48% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on RIVN. Tigress Financial reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, April 10th. Needham & Company LLC reissued a "buy" rating and set a $23.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 10th. DA Davidson boosted their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, May 11th. BNP Paribas Exane reaffirmed an "outperform" rating and issued a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, April 6th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company's stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $18.57.

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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