Assenagon Asset Management S.A. Purchases 867 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Assenagon Asset Management S.A. grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 1.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 60,252 shares of the electric vehicle automaker’s stock after acquiring an additional 867 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Rivian Automotive were worth $750,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock worth $5,201,750 over the last quarter. Insiders own 2.16% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.77 on Thursday. The firm has a market cap of $15.57 billion, a P/E ratio of -3.70 and a beta of 1.86. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The stock’s fifty day moving average price is $13.80 and its 200-day moving average price is $13.13.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the firm posted ($1.48) earnings per share. On average, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Piper Sandler raised their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently 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.