Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Bought by Rhumbline Advisers

Rhumbline Advisers boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 903,283 shares of the electric vehicle automaker’s stock after buying an additional 8,038 shares during the period. Rhumbline Advisers owned approximately 0.08% of Rivian Automotive worth $11,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Dimension Capital Management LLC increased its holdings in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after acquiring an additional 819 shares in the last quarter. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Freestone Capital Holdings LLC increased its stake in Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock valued at $390,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in shares of Rivian Automotive by 1.4% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 91,300 shares of the electric vehicle automaker’s stock valued at $1,246,000 after acquiring an additional 1,265 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 9,937 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the transaction, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock worth $5,201,750 in the last ninety days. Insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective on the stock. Needham & Company LLC cut their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Piper Sandler increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, May 22nd. Finally, UBS Group increased their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.33.

Rivian Automotive Trading Up 2.9%

Shares of RIVN opened at $14.40 on Tuesday. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. 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 firm’s fifty day moving average is $13.44 and its two-hundred day moving average is $13.06. The stock has a market cap of $16.28 billion, a PE ratio of -3.05 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Rivian Automotive’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the business posted ($1.48) earnings per share. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

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.