Rivian Automotive, Inc. $RIVN Stock Position Raised by IFM Investors Pty Ltd

IFM Investors Pty Ltd raised its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,030 shares of the electric vehicle automaker’s stock after purchasing an additional 16,741 shares during the period. IFM Investors Pty Ltd’s holdings in Rivian Automotive were worth $1,938,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Nuveen LLC bought a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $33,582,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Rivian Automotive by 1,726.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after acquiring an additional 1,019,038 shares in the last quarter. Point72 Europe London LLP bought a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $10,204,000. Finally, Northern Trust Corp raised its stake in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after acquiring an additional 809,064 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RIVN. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 6th. UBS Group dropped their price target on Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Finally, Wedbush dropped their price target on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $13.67.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $15.24 on Tuesday. The stock’s fifty day simple moving average is $13.22 and its 200 day simple moving average is $13.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of -4.72 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.46) EPS. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

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.