American Assets Investment Management LLC Takes Position in Rivian Automotive, Inc. $RIVN

American Assets Investment Management LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 75,000 shares of the electric vehicle automaker’s stock, valued at approximately $1,101,000.

Several other hedge funds have also modified their holdings of RIVN. Norges Bank bought a new stake in Rivian Automotive during the second quarter worth about $105,629,000. Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after acquiring an additional 1,983,509 shares in the last quarter. AQR Capital Management LLC grew its position in Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares during the last quarter. Worldquant Millennium Advisors LLC grew its position in Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after acquiring an additional 1,916,686 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in Rivian Automotive by 244.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after purchasing an additional 1,152,551 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $14.81 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market cap of $18.16 billion, a price-to-earnings ratio of -4.76 and a beta of 1.76. The stock’s 50-day moving average is $17.89 and its 200-day moving average is $15.27. Rivian Automotive, Inc. has a one year low of $10.36 and a one year high of $22.69.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Thursday, January 22nd. Finally, Mizuho reissued an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $16.74.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total transaction of $279,723.50. Following the sale, the chief executive officer owned 1,115,209 shares in the company, valued at $17,876,800.27. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 172,504 shares of company stock worth $3,012,734. Corporate insiders own 2.16% of the company’s stock.

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.