Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Townsquare Capital LLC

Townsquare Capital LLC grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 26.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,731 shares of the electric vehicle automaker’s stock after purchasing an additional 6,303 shares during the period. Townsquare Capital LLC’s holdings in Rivian Automotive were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after buying an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $1,363,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $26,600,000. SG Americas Securities LLC increased its holdings in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after purchasing an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Rivian Automotive in the fourth quarter valued at approximately $10,448,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $11.60 on Monday. The stock’s 50-day moving average price is $11.89 and its 200 day moving average price is $12.09. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 1.89. Rivian Automotive, Inc. has a 52-week low of $8.32 and a 52-week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,237,044 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RIVN. Robert W. Baird dropped their price objective on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Cowen started coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective for the company. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Finally, Barclays raised their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $14.17.

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.