Geode Capital Management LLC Grows Stock Position in Rivian Automotive, Inc. $RIVN

Geode Capital Management LLC lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 14,782,865 shares of the electric vehicle automaker’s stock after buying an additional 59,503 shares during the period. Geode Capital Management LLC’s holdings in Rivian Automotive were worth $290,568,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RIVN. Brighton Jones LLC increased its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares during the period. AQR Capital Management LLC increased its holdings in Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC increased its holdings in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after purchasing an additional 4,998 shares during the period. Focus Partners Wealth increased its holdings in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Jefferies Financial Group restated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft upgraded Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price target for the company from $16.00 to $23.00 in a report on Friday, February 13th. Tigress Financial restated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Wells Fargo & Company boosted their price target on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Finally, Stifel Nicolaus boosted their price target on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Performance

RIVN stock opened at $16.95 on Tuesday. The stock has a market capitalization of $21.03 billion, a PE ratio of -5.80 and a beta of 1.62. Rivian Automotive, Inc. has a 12-month low of $11.57 and a 12-month high of $22.69. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock’s 50 day simple moving average is $15.29 and its 200 day simple moving average is $16.29.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 109,767 shares of company stock worth $1,704,098 over the last ninety days. 1.48% of the stock is currently owned by insiders.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.