New York State Common Retirement Fund Lowers Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

New York State Common Retirement Fund reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 446,753 shares of the electric vehicle automaker's stock after selling 27,000 shares during the period. New York State Common Retirement Fund's holdings in Rivian Automotive were worth $5,942,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after buying an additional 51,464 shares during the period. Mizuho Markets Americas LLC grew its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after buying an additional 124,950 shares in the last quarter. SG Americas Securities LLC increased its stake in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after acquiring an additional 54,053 shares during the period. Finally, Entropy Technologies LP acquired a new position in Rivian Automotive in the 4th quarter valued at $1,317,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RIVN. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. The Goldman Sachs Group upped their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Royal Bank of Canada reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Finally, Needham & Company LLC raised their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $14.87.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,357 shares of company stock valued at $3,988,140. Corporate insiders own 2.51% of the company's stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded down $0.31 during trading on Monday, reaching $11.54. The company had a trading volume of 22,852,774 shares, compared to its average volume of 38,470,457. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $13.04 billion, a P/E ratio of -2.44 and a beta of 2.04. The company has a fifty day moving average of $13.32 and a two-hundred day moving average of $12.43.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current 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.