Triumph Capital Management Buys 20,651 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Triumph Capital Management increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 55.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,684 shares of the electric vehicle automaker’s stock after acquiring an additional 20,651 shares during the quarter. Triumph Capital Management’s holdings in Rivian Automotive were worth $767,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital International Investors purchased a new stake in Rivian Automotive during the fourth quarter valued at $144,030,000. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter valued at $123,308,000. Northern Trust Corp raised its stake in Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Groupama Asset Managment purchased a new stake in Rivian Automotive during the fourth quarter valued at $26,600,000. Finally, Quinn Opportunity Partners LLC raised its stake in Rivian Automotive by 4,042.1% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock valued at $16,527,000 after purchasing an additional 1,212,641 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Stifel Nicolaus increased their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $14.24.

Rivian Automotive Stock Up 3.3%

NASDAQ:RIVN opened at $15.81 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The stock has a market capitalization of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company’s 50-day simple moving average is $12.39 and its 200-day simple moving average is $12.51.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at $10,082,590.02. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,364 shares of company stock valued at $2,303,960 in the last three months. 2.16% of the stock is owned by insiders.

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.