SOL Capital Management CO Buys 66,225 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

SOL Capital Management CO grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 77.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 151,629 shares of the electric vehicle automaker's stock after purchasing an additional 66,225 shares during the period. SOL Capital Management CO's holdings in Rivian Automotive were worth $2,017,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after buying an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. abrdn plc lifted its position in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after buying an additional 518,561 shares in the last quarter. Finally, Swiss National Bank lifted its position in Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker's stock worth $24,665,000 after buying an additional 45,200 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares of the company's stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 363,142 shares of company stock valued at $4,958,860. Corporate insiders own 2.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RIVN shares. Needham & Company LLC cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, November 8th. Guggenheim dropped their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Canaccord Genuity Group dropped their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Bank of America lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating and lowered their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average price target of $15.13.

Rivian Automotive Trading Down 1.4 %

Shares of RIVN traded down $0.17 on Monday, reaching $12.39. 21,598,612 shares of the company's stock were exchanged, compared to its average volume of 37,278,848. 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 $12.65 billion, a P/E ratio of -2.21 and a beta of 2.04. The business has a 50 day moving average price of $13.44 and a two-hundred day moving average price of $12.80. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.85.

Rivian Automotive Company Profile

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.