Worldquant Millennium Advisors LLC Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Worldquant Millennium Advisors LLC bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,284,704 shares of the electric vehicle automaker's stock, valued at approximately $17,087,000. Worldquant Millennium Advisors LLC owned 0.13% of Rivian Automotive at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vident Advisory LLC raised its stake in shares of Rivian Automotive by 50.0% in the fourth quarter. Vident Advisory LLC now owns 107,114 shares of the electric vehicle automaker's stock valued at $1,425,000 after acquiring an additional 35,695 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of Rivian Automotive by 22.6% in the fourth quarter. Westwood Holdings Group Inc. now owns 110,505 shares of the electric vehicle automaker's stock worth $1,470,000 after purchasing an additional 20,394 shares during the last quarter. Twinbeech Capital LP bought a new position in shares of Rivian Automotive in the fourth quarter worth about $29,944,000. Sagefield Capital LP grew its holdings in shares of Rivian Automotive by 121.1% in the fourth quarter. Sagefield Capital LP now owns 129,326 shares of the electric vehicle automaker's stock worth $1,720,000 after purchasing an additional 70,840 shares during the last quarter. Finally, Siemens Fonds Invest GmbH bought a new position in shares of Rivian Automotive in the fourth quarter worth about $145,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer now owns 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the sale, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 384,265 shares of company stock valued at $5,201,750. 2.16% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

RIVN traded down $0.28 during trading on Friday, reaching $15.63. 21,760,518 shares of the company's stock were exchanged, compared to its average volume of 36,323,953. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $17.67 billion, a P/E ratio of -3.31 and a beta of 1.86. The company's fifty day simple moving average is $12.92 and its 200-day simple moving average is $12.72.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same period last year, the firm posted ($1.48) EPS. Rivian Automotive's revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Cowen assumed coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating on the stock. UBS Group upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $14.33.

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.