424,507 Shares in Rivian Automotive, Inc. $RIVN Purchased by Trexquant Investment LP

Key Points

• Trexquant Investment LP has acquired 424,507 shares of Rivian Automotive, Inc., valued at approximately $5.3 million, indicating growing institutional interest in the electric vehicle sector.
• Despite a net loss of $0.97 per share, Rivian reported a revenue increase of 12.5% year-over-year, reaching $1.3 billion for the quarter.
• Rivian's stock has received mixed ratings from analysts, with five recommending a buy, eighteen a hold, and three a sell, reflecting uncertainty about its future performance.

Trexquant Investment LP bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 424,507 shares of the electric vehicle automaker's stock, valued at approximately $5,285,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in shares of Rivian Automotive in the 1st quarter worth about $1,382,000. Twinbeech Capital LP bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $29,944,000. Caisse Des Depots ET Consignations bought a new position in Rivian Automotive during the 1st quarter valued at approximately $2,807,000. Ethos Financial Group LLC bought a new position in Rivian Automotive during the 1st quarter valued at approximately $311,000. Finally, Mmbg Investment Advisors CO. bought a new position in shares of Rivian Automotive in the 1st quarter worth approximately $274,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Jefferies Financial Group reissued a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Piper Sandler increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Finally, Stifel Nicolaus 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 Friday, August 8th. Five analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average price target of $13.69.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.57 on Monday. The stock has a market cap of $16.47 billion, a PE ratio of -4.20 and a beta of 1.81. The business's 50-day simple moving average is $12.98 and its two-hundred day simple moving average is $12.96. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.46) EPS. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.

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