Maryland State Retirement & Pension System Cuts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Maryland State Retirement & Pension System lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 17.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,964 shares of the electric vehicle automaker’s stock after selling 8,061 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Rivian Automotive were worth $485,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter worth $144,030,000. Soma Equity Partners LP increased its holdings in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after acquiring an additional 1,407,772 shares in the last quarter. Northern Trust Corp increased its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock worth $62,882,000 after purchasing an additional 309,787 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. Mizuho lifted their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Guggenheim cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Finally, Piper Sandler lifted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $13.69.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive Trading Down 1.8%

NASDAQ RIVN opened at $12.06 on Friday. The firm’s 50-day moving average is $13.21 and its two-hundred day moving average is $12.95. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $17.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The stock has a market capitalization of $13.64 billion, a P/E ratio of -3.73 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company earned ($1.46) EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Rivian Automotive Company 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.