Primecap Management Co. CA Sells 26,080 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Primecap Management Co. CA reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 286,180 shares of the electric vehicle automaker’s stock after selling 26,080 shares during the quarter. Primecap Management Co. CA’s holdings in Rivian Automotive were worth $3,211,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its stake in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after buying an additional 120,544 shares during the period. Renaissance Capital LLC lifted its stake in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after acquiring an additional 148,197 shares during the period. Finally, Private Advisory Group LLC bought a new stake in Rivian Automotive in the third quarter valued at approximately $2,109,000. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock valued at $2,142,188. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RIVN. Piper Sandler lowered their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. 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 note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Up 2.2 %

NASDAQ:RIVN opened at $10.24 on Friday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The company has a market cap of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a 50-day moving average of $10.82 and a 200-day moving average of $12.40.

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.