State of New Jersey Common Pension Fund D Acquires 11,621 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

State of New Jersey Common Pension Fund D grew its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 388,765 shares of the electric vehicle automaker’s stock after purchasing an additional 11,621 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $9,120,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ancora Advisors LLC bought a new position in Rivian Automotive during the third quarter worth about $27,000. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $26,000. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after buying an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 1,245 shares in the last quarter. Finally, Arlington Trust Co LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $35,000. Institutional investors own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RIVN shares. The Goldman Sachs Group lowered their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. Bank of America lowered their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Robert W. Baird lowered their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $20.00 to $11.00 in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ RIVN traded down $0.32 on Thursday, reaching $8.52. 21,809,822 shares of the company’s stock traded hands, compared to its average volume of 42,503,570. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06. The stock has a market cap of $8.33 billion, a PE ratio of -1.48 and a beta of 1.88. The stock has a 50-day simple moving average of $11.13 and a 200 day simple moving average of $15.65.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.