Caisse Des Depots ET Consignations Purchases 49,722 Shares of Rivian Automotive, Inc. $RIVN

Caisse Des Depots ET Consignations lifted its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 55.7% in the third quarter, Holdings Channel reports. The institutional investor owned 139,000 shares of the electric vehicle automaker’s stock after acquiring an additional 49,722 shares during the period. Caisse Des Depots ET Consignations’ holdings in Rivian Automotive were worth $2,041,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Rivian Automotive by 2.6% during the second 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 during the period. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after purchasing an additional 689,045 shares in the last quarter. Norges Bank bought a new position in shares of Rivian Automotive during the second quarter worth approximately $105,629,000. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after buying an additional 799,030 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Rivian Automotive by 11.1% in the second quarter. Swiss National Bank now owns 2,379,400 shares of the electric vehicle automaker’s stock valued at $32,693,000 after buying an additional 237,200 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $14.76 on Thursday. Rivian Automotive, Inc. has a one year low of $10.36 and a one year high of $22.69. 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 company has a market cap of $18.09 billion, a price-to-earnings ratio of -4.75 and a beta of 1.76. The firm has a 50 day simple moving average of $17.74 and a 200 day simple moving average of $15.29.

Insider Activity

In related news, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total transaction of $363,539.40. Following the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total value of $279,723.50. Following the completion of the transaction, the chief executive officer directly owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. The trade was a 1.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 120,154 shares of company stock worth $2,143,724. Insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on RIVN. Morgan Stanley restated an “underweight” rating and set a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, December 8th. Stifel Nicolaus increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Robert W. Baird raised Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $14.00 to $25.00 in a research note on Thursday, December 18th. Tigress Financial increased their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Finally, Needham & Company LLC raised their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, December 12th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $16.74.

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.