Metis Global Partners LLC Grows Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Metis Global Partners LLC grew its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,164 shares of the electric vehicle automaker’s stock after buying an additional 12,166 shares during the period. Metis Global Partners LLC’s holdings in Rivian Automotive were worth $1,292,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC purchased a new position in Rivian Automotive in the 1st quarter worth $111,000. Bleakley Financial Group LLC raised its stake in shares of Rivian Automotive by 127.1% in the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after purchasing an additional 12,514 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Rivian Automotive by 14.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock worth $5,487,000 after purchasing an additional 62,199 shares during the period. Kingsview Wealth Management LLC boosted its position in Rivian Automotive by 21.0% in the first quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after buying an additional 2,101 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in Rivian Automotive by 175.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 962,139 shares of the electric vehicle automaker’s stock worth $10,536,000 after buying an additional 612,499 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 2.4 %

Shares of RIVN opened at $10.06 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 debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The stock has a 50 day moving average price of $11.09 and a 200 day moving average price of $12.41. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04.

Analyst Ratings Changes

RIVN has been the subject of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Truist Financial decreased their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Guggenheim dropped their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.73.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.51% of the company’s stock.

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.