Concentric Capital Strategies LP Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Concentric Capital Strategies LP purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 194,758 shares of the electric vehicle automaker's stock, valued at approximately $2,590,000.

Several other institutional investors have also added to or reduced their stakes in RIVN. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive during the fourth quarter worth approximately $123,308,000. Northern Trust Corp raised its position in shares of 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 valued at $96,275,000 after buying an additional 2,941,928 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after buying an additional 133,781 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Cantor Fitzgerald restated a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday. 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. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Guggenheim reissued a "buy" rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Tuesday. Finally, The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average target price of $13.99.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $11.46, for a total transaction of $409,270.98. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. This represents a 4.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,154,905 over the last ninety days. 2.51% of the stock is owned by company insiders.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $12.70 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52 week low of $9.25 and a 52 week high of $18.86. The firm has a market cap of $14.36 billion, a PE ratio of -2.69 and a beta of 1.86. The firm's fifty day moving average is $11.88 and its 200-day moving average is $12.28.

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

Rivian Automotive 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.

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