Rivian Automotive, Inc. $RIVN Shares Bought by Allstate Corp

Allstate Corp increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 108.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 60,572 shares of the electric vehicle automaker’s stock after buying an additional 31,499 shares during the quarter. Allstate Corp’s holdings in Rivian Automotive were worth $1,194,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Legal & General Group Plc raised its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. Legal & General Group Plc now owns 4,536,169 shares of the electric vehicle automaker’s stock valued at $89,408,000 after acquiring an additional 224,435 shares during the last quarter. Swedbank AB raised its holdings in shares of Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock valued at $18,553,000 after acquiring an additional 74,322 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of Rivian Automotive by 18.0% during the fourth quarter. Prospera Financial Services Inc now owns 18,646 shares of the electric vehicle automaker’s stock valued at $368,000 after acquiring an additional 2,843 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in shares of Rivian Automotive by 100.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 114,192 shares of the electric vehicle automaker’s stock valued at $2,251,000 after acquiring an additional 57,130 shares during the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of Rivian Automotive by 121.8% during the fourth quarter. Global Retirement Partners LLC now owns 22,773 shares of the electric vehicle automaker’s stock valued at $449,000 after acquiring an additional 12,504 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was 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 approximately $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 firm’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 owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 127,217 shares of company stock valued at $1,965,848 over the last quarter. 2.16% of the stock is currently owned by company insiders.

Trending Headlines about Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What’s Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised Rivian Automotive from a “hold” rating to a “buy” rating and increased their target price for the company from $16.00 to $23.00 in a report on Friday, February 13th. Bank of America began coverage on Rivian Automotive in a research report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price target for the company. DA Davidson upped their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, Wells Fargo & Company upped their price target on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Trading Up 7.2%

Shares of Rivian Automotive stock opened at $16.30 on Friday. The firm has a market capitalization of $20.23 billion, a price-to-earnings ratio of -5.58 and a beta of 1.64. Rivian Automotive, Inc. has a fifty-two week low of $11.57 and a fifty-two week high of $22.69. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a 50 day moving average of $15.28 and a 200 day moving average of $16.30.

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.