OP Asset Management Ltd Invests $1.29 Million in Rivian Automotive, Inc. $RIVN

OP Asset Management Ltd acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 1st quarter, Holdings Channel reports. The fund acquired 85,774 shares of the electric vehicle automaker’s stock, valued at approximately $1,291,000.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the period. AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after acquiring an additional 5,590 shares during the period. Empowered Funds LLC grew its position in shares of Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares in the last quarter. Focus Partners Wealth grew its position in shares of Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $16.81 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The stock’s 50 day simple moving average is $15.59 and its two-hundred day simple moving average is $16.27. The company has a market cap of $20.86 billion, a price-to-earnings ratio of -5.76 and a beta of 1.62.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares of the company’s stock, valued at $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 80,076 shares of company stock valued at $1,256,286. 1.48% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, June 10th. TD Cowen reiterated a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Bank of America initiated coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 target price on the stock. DA Davidson upped their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $18.57.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.