AlphaQuest LLC Has $218,000 Position in Rivian Automotive, Inc. $RIVN

AlphaQuest LLC raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 76.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,897 shares of the electric vehicle automaker’s stock after purchasing an additional 6,889 shares during the period. AlphaQuest LLC’s holdings in Rivian Automotive were worth $218,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its stake in Rivian Automotive by 7.9% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,831,402 shares of the electric vehicle automaker’s stock worth $25,163,000 after buying an additional 133,669 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Rivian Automotive by 11.2% in the 2nd quarter. Asset Management One Co. Ltd. now owns 342,331 shares of the electric vehicle automaker’s stock valued at $4,704,000 after buying an additional 34,471 shares during the last quarter. Bleakley Financial Group LLC bought a new position in Rivian Automotive in the 2nd quarter valued at approximately $266,000. Forum Financial Management LP raised its holdings in Rivian Automotive by 41.3% in the 2nd quarter. Forum Financial Management LP now owns 52,531 shares of the electric vehicle automaker’s stock valued at $722,000 after buying an additional 15,362 shares during the last quarter. Finally, Ethic Inc. lifted its position in shares of Rivian Automotive by 64.6% in the 2nd quarter. Ethic Inc. now owns 63,315 shares of the electric vehicle automaker’s stock worth $861,000 after purchasing an additional 24,840 shares during the period. Institutional investors own 66.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on RIVN. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research note on Friday, October 3rd. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Finally, Zacks Research downgraded shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $13.76.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $13.57 on Monday. The firm’s 50-day simple moving average is $13.81 and its two-hundred day simple moving average is $13.60. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The company has a market cap of $16.47 billion, a PE ratio of -4.20 and a beta of 1.82.

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

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 42,147 shares of company stock valued at $577,593 over the last 90 days. 2.16% of the stock is owned by company 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.