Geode Capital Management LLC Raises Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Geode Capital Management LLC increased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,000,392 shares of the electric vehicle automaker’s stock after purchasing an additional 223,860 shares during the quarter. Geode Capital Management LLC owned approximately 1.29% of Rivian Automotive worth $145,550,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. raised its stake in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. Certuity LLC lifted its holdings in Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares during the last quarter. Blue Trust Inc. boosted its position in Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after purchasing an additional 907 shares during the period. Finally, John G Ullman & Associates Inc. increased its stake in shares of 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. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $15.34 on Tuesday. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of -2.74 and a beta of 2.12. The business has a 50 day moving average of $11.18 and a 200 day moving average of $12.71. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 249,403 shares of company stock valued at $3,013,489. 2.51% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Mizuho dropped their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Royal Bank of Canada cut 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. Finally, Wolfe Research initiated coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy 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 $15.83.

Rivian Automotive 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.