1,284,704 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by Worldquant Millennium Advisors LLC

Worldquant Millennium Advisors LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. grew its stake in Rivian Automotive by 21.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker's stock worth $790,000 after purchasing an additional 10,408 shares during the period. HB Wealth Management LLC boosted its holdings in Rivian Automotive by 174.9% in the fourth quarter. HB Wealth Management LLC now owns 63,274 shares of the electric vehicle automaker's stock worth $842,000 after acquiring an additional 40,256 shares in the last quarter. Grove Bank & Trust bought a new stake in Rivian Automotive in the fourth quarter worth $62,000. Diversify Advisory Services LLC bought a new stake in Rivian Automotive in the fourth quarter worth $548,000. Finally, SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after acquiring an additional 54,053 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on RIVN. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Needham & Company LLC dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. UBS Group boosted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Stifel Nicolaus boosted their target price on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Mizuho boosted their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $14.24.

Rivian Automotive Stock Up 3.9%

RIVN stock opened at $16.92 on Wednesday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The business's 50-day moving average is $12.62 and its two-hundred day moving average is $12.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $19.13 billion, a price-to-earnings ratio of -3.58 and a beta of 1.86.

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 for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction dated Friday, May 16th. The stock was 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 in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 384,265 shares of company stock valued at $5,201,750. 2.16% of the stock is owned by company insiders.

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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