Charles Schwab Investment Management Inc. Purchases 111,512 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Charles Schwab Investment Management Inc. increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 4.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,393,539 shares of the electric vehicle automaker's stock after purchasing an additional 111,512 shares during the period. Charles Schwab Investment Management Inc. owned about 0.25% of Rivian Automotive worth $56,152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. Federated Hermes Inc. grew its holdings in shares of Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker's stock valued at $201,000 after buying an additional 651 shares in the last quarter. Moneta Group Investment Advisors LLC increased its holdings in shares of Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker's stock valued at $324,000 after purchasing an additional 668 shares during the period. Jamison Private Wealth Management Inc. lifted its position in shares of Rivian Automotive by 10.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker's stock worth $175,000 after purchasing an additional 727 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker's stock worth $156,000 after purchasing an additional 775 shares during the period. Finally, Parkside Financial Bank & Trust grew its position in Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker's stock valued at $40,000 after purchasing an additional 784 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on RIVN. DA Davidson cut their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $10.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 8th. Bank of America cut their price target on Rivian Automotive from $40.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, February 22nd. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a "buy" rating and a $16.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Rivian Automotive Stock Performance

NASDAQ RIVN traded up $0.37 during trading on Friday, hitting $10.50. The company's stock had a trading volume of 23,690,213 shares, compared to its average volume of 42,937,500. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The firm has a market cap of $10.26 billion, a P/E ratio of -1.82 and a beta of 1.91. The firm has a 50 day moving average price of $10.24 and a 200 day moving average price of $14.75. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Equities research analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

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.