Public Employees Retirement System of Ohio Invests $4.19 Million in Rivian Automotive, Inc. $RIVN

Public Employees Retirement System of Ohio bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the second quarter, Holdings Channel reports. The fund bought 241,425 shares of the electric vehicle automaker’s stock, valued at approximately $4,189,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Trek Financial LLC acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $6,115,000. Independent Financial Group LLC acquired a new position in Rivian Automotive during the first quarter valued at approximately $985,000. Swedbank AB grew its stake in Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Rivian Automotive by 34.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker’s stock worth $5,249,000 after acquiring an additional 90,200 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Rivian Automotive during the 4th quarter valued at $4,895,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 1.9%

Shares of NASDAQ:RIVN opened at $15.91 on Friday. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $16.56 and a 200 day simple moving average of $15.91. The firm has a market cap of $23.04 billion, a PE ratio of -6.17 and a beta of 1.62. Rivian Automotive, Inc. has a 12-month low of $12.39 and a 12-month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm’s revenue was up 27.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.97) EPS. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire McDonough sold 8,023 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 41,167 shares of company stock valued at $718,956. 1.48% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RIVN. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. UBS Group boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their price target on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, August 24th. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.05.

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.