Caitong International Asset Management Co. Ltd Increases Stock Position in Rivian Automotive, Inc. $RIVN

Caitong International Asset Management Co. Ltd increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 2,212.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 62,168 shares of the electric vehicle automaker’s stock after buying an additional 59,480 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Rivian Automotive were worth $1,225,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC increased its holdings in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares in the last quarter. Empowered Funds LLC raised its position in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares during the last quarter. Focus Partners Wealth lifted its stake in Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after buying an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after buying an additional 1,856 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $16.52 on Friday. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $20.50 billion, a price-to-earnings ratio of -5.66 and a beta of 1.62. The stock’s fifty day simple moving average is $15.67 and its 200 day simple moving average is $16.38. Rivian Automotive, Inc. has a 52-week low of $11.57 and a 52-week high of $22.69.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction 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. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s 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 completion of the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. The trade was 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 three months, insiders have sold 100,340 shares of company stock worth $1,560,246. Company insiders own 1.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Leerink Partners reissued an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a report on Friday, May 1st. Bank of America assumed coverage on shares of Rivian Automotive in a research note on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price for the company. 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 research report on Friday, May 1st. Finally, Tigress Financial reissued a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive 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.