Franklin Resources Inc. Increases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Franklin Resources Inc. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) by 11.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,561,052 shares of the electric vehicle automaker’s stock after buying an additional 450,676 shares during the period. Franklin Resources Inc.’s holdings in Rivian Automotive were worth $117,401,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Signaturefd LLC lifted its holdings in shares of Rivian Automotive by 47.4% during the 1st quarter. Signaturefd LLC now owns 2,050 shares of the electric vehicle automaker’s stock valued at $103,000 after acquiring an additional 659 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Rivian Automotive by 154.2% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 7,248 shares of the electric vehicle automaker’s stock valued at $364,000 after acquiring an additional 4,397 shares in the last quarter. National Asset Management Inc. lifted its holdings in shares of Rivian Automotive by 51.2% during the 1st quarter. National Asset Management Inc. now owns 7,854 shares of the electric vehicle automaker’s stock valued at $395,000 after acquiring an additional 2,659 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Rivian Automotive by 5.8% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 110,476 shares of the electric vehicle automaker’s stock valued at $5,550,000 after acquiring an additional 6,034 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Rivian Automotive by 3.6% during the 1st quarter. Arizona State Retirement System now owns 48,980 shares of the electric vehicle automaker’s stock valued at $2,461,000 after acquiring an additional 1,704 shares in the last quarter. 62.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In related news, CAO Jeff Baker sold 1,689 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of 34.38, for a total transaction of 58,067.82. Following the completion of the sale, the chief accounting officer now owns 89,331 shares of the company’s stock, valued at approximately 3,071,199.78. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 14,235 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of 34.92, for a total value of 497,086.20. Following the completion of the transaction, the chief financial officer now owns 81,151 shares in the company, valued at approximately 2,833,792.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Jeff Baker sold 1,689 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of 34.38, for a total transaction of 58,067.82. Following the completion of the transaction, the chief accounting officer now owns 89,331 shares of the company’s stock, valued at approximately 3,071,199.78. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at 29.71 on Thursday. The company has a quick ratio of 6.39, a current ratio of 6.84 and a debt-to-equity ratio of 0.08. Rivian Automotive, Inc. has a fifty-two week low of 19.25 and a fifty-two week high of 126.75. The firm has a 50-day simple moving average of 33.13 and a 200 day simple moving average of 31.84. The company has a market cap of $27.36 billion and a PE ratio of -2.86.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Needham & Company LLC initiated coverage on shares of Rivian Automotive in a report on Wednesday, September 14th. They set a “hold” rating on the stock. Cfra lowered shares of Rivian Automotive to a “sell” rating and set a $25.00 price objective on the stock. in a report on Friday, September 23rd. Mizuho cut their price objective on shares of Rivian Automotive from $65.00 to $58.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $61.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Finally, Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, November 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus target price of 59.00.

Rivian Automotive Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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