Geode Capital Management LLC Purchases 59,503 Shares of Rivian Automotive, Inc. $RIVN

Geode Capital Management LLC grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,782,865 shares of the electric vehicle automaker’s stock after purchasing an additional 59,503 shares during the quarter. Geode Capital Management LLC owned approximately 1.21% of Rivian Automotive worth $290,568,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. lifted its holdings in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. SOA Wealth Advisors LLC. lifted its holdings in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $31,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $39,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $16.95 on Tuesday. The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of -5.80 and a beta of 1.62. Rivian Automotive, Inc. has a 52-week low of $11.57 and a 52-week high of $22.69. The stock has a fifty day moving average of $15.29 and a 200 day moving average of $16.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 5,544 shares of Rivian Automotive stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $13.43, for a total value of $74,455.92. Following the sale, the chief financial officer directly owned 902,630 shares of the company’s stock, valued at approximately $12,122,320.90. This trade represents a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 109,767 shares of company stock valued at $1,704,098 in the last three months. 1.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on RIVN. BNP Paribas Exane restated an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Tigress Financial restated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Piper Sandler decreased their price target on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Finally, Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $18.57.

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.