Rivian Automotive, Inc. (NASDAQ:RIVN) Position Increased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,651 shares of the electric vehicle automaker’s stock after acquiring an additional 4,338 shares during the period. The Manufacturers Life Insurance Company’s holdings in Rivian Automotive were worth $860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Qsemble Capital Management LP bought a new position in Rivian Automotive during the third quarter valued at about $314,000. Daiwa Securities Group Inc. lifted its stake in shares of Rivian Automotive by 37.9% in the third quarter. Daiwa Securities Group Inc. now owns 83,716 shares of the electric vehicle automaker’s stock worth $939,000 after buying an additional 22,989 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Rivian Automotive by 38.0% during the 3rd quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock worth $695,000 after buying an additional 17,039 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. Finally, John G Ullman & Associates Inc. boosted its holdings in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 177,974 shares of company stock valued at $2,038,483 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on RIVN. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Piper Sandler cut their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.83.

Rivian Automotive Trading Up 3.2 %

Shares of Rivian Automotive stock opened at $14.20 on Friday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a 50-day simple moving average of $11.00 and a 200 day simple moving average of $12.62. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $14.49 billion, a P/E ratio of -2.54 and a beta of 2.12.

About Rivian Automotive

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.