State of New Jersey Common Pension Fund D Acquires 14,513 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

State of New Jersey Common Pension Fund D increased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 5.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 296,013 shares of the electric vehicle automaker’s stock after acquiring an additional 14,513 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rivian Automotive were worth $3,937,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tandem Financial LLC bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RIVN shares. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Monday, January 6th. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Down 3.5 %

Shares of NASDAQ RIVN opened at $13.93 on Thursday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $14.22 billion, a P/E ratio of -2.49 and a beta of 2.04. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85. The business has a 50-day simple moving average of $13.60 and a two-hundred day simple moving average of $12.53.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,788 shares of company stock valued at $5,024,431. 2.51% of the stock is currently owned by corporate insiders.

About Rivian Automotive

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.