Illinois Municipal Retirement Fund Has $1.97 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Illinois Municipal Retirement Fund increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 36.6% in the fourth quarter, HoldingsChannel reports. The firm owned 148,423 shares of the electric vehicle automaker’s stock after acquiring an additional 39,751 shares during the period. Illinois Municipal Retirement Fund’s holdings in Rivian Automotive were worth $1,974,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the 3rd quarter valued at about $28,000. American Capital Advisory LLC grew 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. grew its stake 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 valued at $34,000 after acquiring an additional 2,900 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated 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 owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock worth $3,988,140 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Royal Bank of Canada dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Finally, Mizuho boosted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Stock Up 2.1 %

RIVN opened at $11.84 on Friday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of -2.51 and a beta of 2.04. The business has a 50 day moving average of $13.36 and a 200-day moving average of $12.45.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

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.