Harel Insurance Investments & Financial Services Ltd. Trims Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Harel Insurance Investments & Financial Services Ltd. lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 50.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,773 shares of the electric vehicle automaker’s stock after selling 2,872 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Rivian Automotive were worth $37,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC increased its holdings in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. abrdn plc lifted its holdings in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after buying an additional 518,561 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RIVN. Barclays raised their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Canaccord Genuity Group lowered their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.52.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $12.77 on Monday. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.85. The firm has a market cap of $13.03 billion, a P/E ratio of -2.28 and a beta of 2.05. The stock has a fifty day moving average price of $13.19 and a two-hundred day moving average price of $12.97. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Activity

In related news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now 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. Insiders sold a total of 363,142 shares of company stock worth $4,958,860 over the last 90 days. 2.51% of the stock is currently owned by company insiders.

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.