AQR Capital Management LLC Purchases 1,257,106 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

AQR Capital Management LLC increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 102.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,479,559 shares of the electric vehicle automaker’s stock after acquiring an additional 1,257,106 shares during the period. AQR Capital Management LLC owned approximately 0.25% of Rivian Automotive worth $33,276,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. Absolute Gestao de Investimentos Ltda. bought a new position in shares of Rivian Automotive in the 2nd quarter worth $201,000. Alight Capital Management LP bought a new position in shares of Rivian Automotive in the 2nd quarter worth $671,000. Point72 Europe London LLP bought a new position in shares of Rivian Automotive in the 2nd quarter worth $2,944,000. Toronto Dominion Bank boosted its stake in shares of Rivian Automotive by 8.8% in the 2nd quarter. Toronto Dominion Bank now owns 68,885 shares of the electric vehicle automaker’s stock valued at $924,000 after purchasing an additional 5,550 shares in the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new stake in shares of Rivian Automotive in the 2nd quarter valued at $4,102,000. Institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $13,618,074.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $13,618,074.27. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock worth $8,038,565 in the last three months. 2.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of research reports. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. DA Davidson upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. UBS Group cut their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Stock Up 3.8 %

Shares of Rivian Automotive stock opened at $11.60 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The company has a 50-day moving average of $13.91 and a 200 day moving average of $12.31. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of -2.01 and a beta of 2.06. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

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.