OP Asset Management Ltd Buys Shares of 85,774 Rivian Automotive, Inc. $RIVN

OP Asset Management Ltd bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 85,774 shares of the electric vehicle automaker’s stock, valued at approximately $1,291,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter worth about $220,323,000. Renaissance Technologies LLC lifted its stake in Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares during the period. Capital International Investors boosted its holdings in shares of Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of 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 valued at $31,490,000 after acquiring an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Rivian Automotive by 1,353.6% in the second 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 period. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. TD Cowen reissued a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 3rd. Weiss Ratings downgraded shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 18th. BNP Paribas Exane reissued an “outperform” rating and set a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.57.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. 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. Insiders sold a total of 80,076 shares of company stock valued at $1,256,286 over the last 90 days. 1.48% of the stock is currently owned by company insiders.

Rivian Automotive Trading Up 7.5%

Shares of Rivian Automotive stock opened at $16.81 on Tuesday. The company’s fifty day simple moving average is $15.59 and its 200-day simple moving average is $16.27. The stock has a market capitalization of $20.86 billion, a PE ratio of -5.76 and a beta of 1.62. Rivian Automotive, Inc. has a 1-year low of $11.57 and a 1-year high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

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.