30,096 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 30,096 shares of the electric vehicle automaker’s stock, valued at approximately $338,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its stake in Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares in the last quarter. Renaissance Technologies LLC increased its stake in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. abrdn plc increased its stake in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Friday. Truist Financial dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.68.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.04 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61. The company has a market capitalization of $11.13 billion, a P/E ratio of -1.97 and a beta of 2.04. The firm’s 50 day simple moving average is $11.30 and its two-hundred day simple moving average is $12.38.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 over the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

Rivian Automotive Company Profile

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.