Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP has significantly increased its holdings in Rivian Automotive, raising its position by 155.5% and now owns 46,574 shares valued at $580,000.
• Rivian Automotive's earnings report revealed a loss of ($0.97) earnings per share, missing estimates and showing a 12.5% year-over-year revenue increase, totaling $1.30 billion.
• Institutional investors control 66.25% of Rivian’s stock, and recent analyst ratings are mixed, with a majority suggesting a "Hold" position with an average price target of $13.73.

Aigen Investment Management LP raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 155.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,574 shares of the electric vehicle automaker's stock after buying an additional 28,348 shares during the period. Aigen Investment Management LP's holdings in Rivian Automotive were worth $580,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in RIVN. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Capital International Investors bought a new position in shares of Rivian Automotive during the fourth quarter valued at about $144,030,000. Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Northern Trust Corp lifted its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 6.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker's stock valued at $62,882,000 after purchasing an additional 309,787 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Price Performance

NASDAQ RIVN traded up $0.31 during mid-day trading on Wednesday, hitting $12.28. The stock had a trading volume of 25,055,509 shares, compared to its average volume of 33,014,332. The firm's 50 day moving average is $13.24 and its 200 day moving average is $12.95. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The stock has a market capitalization of $13.89 billion, a price-to-earnings ratio of -3.80 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business earned ($1.46) earnings per share. The firm's revenue was up 12.5% compared to the same quarter last year. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIVN shares. Robert W. Baird dropped their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. UBS Group dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group restated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average target price of $13.69.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction on 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 directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,757 shares of company stock valued at $2,995,557 over the last ninety days. Corporate insiders own 2.16% of the company's stock.

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.