Allstate Corp Buys 31,499 Shares of Rivian Automotive, Inc. $RIVN

Allstate Corp lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 108.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,572 shares of the electric vehicle automaker’s stock after buying an additional 31,499 shares during the quarter. Allstate Corp’s holdings in Rivian Automotive were worth $1,194,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Merit Financial Group LLC raised its stake in Rivian Automotive by 3.2% during the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares during the period. Geneos Wealth Management Inc. raised its stake in Rivian Automotive by 36.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after purchasing an additional 739 shares during the period. Prospera Financial Services Inc raised its stake in Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after purchasing an additional 775 shares during the period. Siemens Fonds Invest GmbH raised its stake in Rivian Automotive by 7.7% during the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after purchasing an additional 780 shares during the period. Finally, Equitable Holdings Inc. raised its stake in Rivian Automotive by 5.8% during the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 5,544 shares of Rivian Automotive stock in a transaction on Monday, May 18th. The stock was sold at an average price of $13.43, for a total transaction of $74,455.92. Following the completion of the sale, the chief financial officer directly owned 902,630 shares of the company’s stock, valued at $12,122,320.90. The trade was a 0.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 127,217 shares of company stock valued at $1,965,848. 2.16% of the stock is currently owned by corporate insiders.

Key Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What’s Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $16.30 on Friday. The stock has a market cap of $20.23 billion, a price-to-earnings ratio of -5.58 and a beta of 1.64. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a 50 day moving average price of $15.28 and a 200-day moving average price of $16.30. Rivian Automotive, Inc. has a one year low of $11.57 and a one year high of $22.69.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Stifel Nicolaus lifted their target price on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Piper Sandler decreased their target price on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Jefferies Financial Group reissued a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Finally, Tigress Financial restated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Company Profile

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.