Korea Investment CORP Has $3.41 Million Stock Holdings in Rivian Automotive, Inc. $RIVN

Korea Investment CORP trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 31.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 248,073 shares of the electric vehicle automaker’s stock after selling 115,729 shares during the period. Korea Investment CORP’s holdings in Rivian Automotive were worth $3,409,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. grew its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. Banque Transatlantique SA boosted its holdings in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares during the period. Fairman Group LLC purchased a new position in Rivian Automotive during the second quarter valued at approximately $31,000. WPG Advisers LLC acquired a new position in Rivian Automotive in the 1st quarter valued at approximately $34,000. Finally, PFS Partners LLC increased its stake in Rivian Automotive by 50.5% in the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock valued at $41,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at approximately $20,690,323. The trade was a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 104,700 shares of company stock worth $1,621,280. 2.16% of the stock is currently owned by company insiders.

Rivian Automotive Stock Up 1.8%

RIVN opened at $17.16 on Tuesday. The company has a market capitalization of $21.04 billion, a P/E ratio of -5.52 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm’s fifty day moving average price is $14.49 and its two-hundred day moving average price is $13.95. Rivian Automotive, Inc. has a fifty-two week low of $10.36 and a fifty-two week high of $18.13.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RIVN shares. Tigress Financial upped their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. DA Davidson upped their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Wedbush reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. Finally, The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.34.

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.