Trexquant Investment LP Takes Position in Rivian Automotive, Inc. $RIVN

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 purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 424,507 shares of the electric vehicle automaker's stock, valued at approximately $5,285,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. PFS Partners LLC grew its position in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $34,000. Olde Wealth Management LLC acquired a new stake in shares of Rivian Automotive during the first quarter valued at about $37,000. Quarry LP acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $38,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Rivian Automotive by 107.9% during the first quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock valued at $41,000 after purchasing an additional 1,714 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In other 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 directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.16% of the company's stock.

Rivian Automotive Trading Down 5.1%

Shares of RIVN stock traded down $0.74 during mid-day trading on Thursday, hitting $13.70. The company's stock had a trading volume of 82,623,959 shares, compared to its average volume of 41,625,740. The company's fifty day simple moving average is $12.99 and its 200-day simple moving average is $12.97. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The company has a market cap of $16.62 billion, a PE ratio of -4.24 and a beta of 1.81.

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. UBS Group cut their price target on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company cut their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Morgan Stanley lowered their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Piper Sandler raised their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Five research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $13.69.

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.