Illinois Municipal Retirement Fund Acquires 39,751 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Illinois Municipal Retirement Fund lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 148,423 shares of the electric vehicle automaker's stock after buying an additional 39,751 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Rivian Automotive were worth $1,974,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. John G Ullman & Associates Inc. increased its holdings in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. RFG Holdings Inc. grew its position in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares during the period. Tradition Wealth Management LLC increased its stake in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock valued at $132,000 after acquiring an additional 1,250 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Rivian Automotive by 40.3% in the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker's stock valued at $51,000 after acquiring an additional 1,301 shares in the last quarter. Finally, World Investment Advisors LLC lifted its position in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock valued at $204,000 after acquiring an additional 1,446 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RIVN shares. Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, November 8th. Royal Bank of Canada reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Barclays raised their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $14.87.

Rivian Automotive Stock Performance

Rivian Automotive stock traded down $0.03 during mid-day trading on Tuesday, reaching $11.48. 24,954,874 shares of the company's stock were exchanged, compared to its average volume of 38,431,740. The firm has a market capitalization of $12.98 billion, a PE ratio of -2.43 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business's fifty day simple moving average is $13.28 and its 200 day simple moving average is $12.41. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock worth $3,988,140 over the last three months. 2.51% of the stock is currently owned by insiders.

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.