Aigen Investment Management LP Decreases Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aigen Investment Management LP decreased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 59.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 18,226 shares of the electric vehicle automaker's stock after selling 26,420 shares during the period. Aigen Investment Management LP's holdings in Rivian Automotive were worth $242,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Tandem Financial LLC bought a new stake in Rivian Automotive during the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Bear Mountain Capital Inc. lifted its position in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after acquiring an additional 1,932 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded down $0.45 during trading hours on Thursday, reaching $10.61. The company had a trading volume of 25,007,196 shares, compared to its average volume of 37,255,981. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The business's 50 day moving average price is $12.91 and its 200-day moving average price is $12.31. The firm has a market cap of $12.00 billion, a PE ratio of -2.25 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. Cantor Fitzgerald lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Baird R W downgraded shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, February 24th. Needham & Company LLC raised their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $14.73.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 203,928 shares of company stock worth $3,013,134. Company insiders own 2.51% of the company's stock.

About Rivian Automotive

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.