USS Investment Management Ltd Purchases New Shares in Rivian Automotive, Inc. $RIVN

USS Investment Management Ltd acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, Holdings Channel reports. The institutional investor acquired 841,876 shares of the electric vehicle automaker’s stock, valued at approximately $12,683,000.

A number of other large investors have also modified their holdings of RIVN. Illinois Municipal Retirement Fund increased its stake in shares of Rivian Automotive by 1.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares in the last quarter. Merit Financial Group LLC lifted its position in shares of Rivian Automotive by 3.2% during the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after acquiring an additional 739 shares during the period. Utah Retirement Systems increased its holdings in Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after acquiring an additional 744 shares in the last quarter. Finally, Tradition Wealth Management LLC raised its position in Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after acquiring an additional 753 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 1.0%

Shares of Rivian Automotive stock opened at $17.18 on Thursday. The stock has a market cap of $21.32 billion, a P/E ratio of -5.88 and a beta of 1.60. The stock’s 50 day simple moving average is $15.60 and its 200-day simple moving average is $16.28. Rivian Automotive, Inc. has a 1-year low of $11.57 and a 1-year high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction 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 in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 80,076 shares of company stock valued at $1,256,286. Insiders own 1.48% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on RIVN. Tigress Financial reissued a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, April 10th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Needham & Company LLC restated a “buy” rating and issued a $23.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 10th. DA Davidson increased their price objective on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, BNP Paribas Exane reaffirmed an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.57.

About Rivian Automotive

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.