5,116 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Acquired by CX Institutional

CX Institutional bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,116 shares of the electric vehicle automaker’s stock, valued at approximately $64,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RIVN. Capital International Investors acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter worth about $123,308,000. Northern Trust Corp raised its stake in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Twinbeech Capital LP acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $29,944,000. Finally, Groupama Asset Managment purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $26,600,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 2.5%

Shares of RIVN opened at $13.76 on Tuesday. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $18.86. The stock has a 50-day moving average price of $13.73 and a 200 day moving average price of $13.12. 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 has a market capitalization of $15.56 billion, a P/E ratio of -2.92 and a beta of 1.86.

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

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock valued at $5,201,750 in the last ninety days. Corporate insiders own 2.16% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Guggenheim reissued a “buy” rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday, May 6th. Stifel Nicolaus raised their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Benchmark restated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus target price of $14.33.

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.