Rivian Automotive, Inc. $RIVN Shares Bought by Edgestream Partners L.P.

Edgestream Partners L.P. raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 90.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 340,163 shares of the electric vehicle automaker’s stock after purchasing an additional 161,183 shares during the period. Edgestream Partners L.P.’s holdings in Rivian Automotive were worth $4,674,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RIVN. Vanguard Group Inc. increased its holdings in Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after buying an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 4.9% in the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after acquiring an additional 689,045 shares in the last quarter. Northern Trust Corp increased its holdings 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 during the last quarter. Norges Bank acquired a new stake in shares of Rivian Automotive during the 2nd quarter valued at approximately $105,629,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 15.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after acquiring an additional 799,030 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 0.4%

Rivian Automotive stock opened at $17.23 on Wednesday. Rivian Automotive, Inc. has a 52-week low of $10.36 and a 52-week high of $18.13. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $21.12 billion, a price-to-earnings ratio of -5.54 and a beta of 1.79. The firm has a 50-day moving average price of $14.52 and a two-hundred day moving average price of $13.96.

Insider Activity

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 104,700 shares of company stock worth $1,621,280 in the last three months. Insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RIVN shares. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Wedbush cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Finally, Morgan Stanley lowered their target price on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Six research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.34.

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.