Twinbeech Capital LP Invests $29.94 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Twinbeech Capital LP acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,251,398 shares of the electric vehicle automaker's stock, valued at approximately $29,944,000. Twinbeech Capital LP owned about 0.22% of Rivian Automotive as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIVN. Dimension Capital Management LLC boosted its position in shares of Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. RFG Holdings Inc. lifted its holdings in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Rivian Automotive by 4.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC lifted its position in shares of Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after buying an additional 1,164 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction 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 $12,694,826.25. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, 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. In the last three months, insiders sold 384,265 shares of company stock valued at $5,201,750. Corporate insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on RIVN shares. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Benchmark reissued a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Cowen started coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Finally, The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Trading Down 1.4%

RIVN traded down $0.23 during midday trading on Friday, hitting $15.69. The company's stock had a trading volume of 11,146,084 shares, compared to its average volume of 36,245,079. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market cap of $17.74 billion, a P/E ratio of -3.31 and a beta of 1.86. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $18.86. The firm has a 50-day moving average price of $12.83 and a two-hundred day moving average price of $12.66.

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

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.