Clare Market Investments LLC Acquires 42,450 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• Clare Market Investments LLC has significantly increased its holdings in Rivian Automotive, acquiring a total of 63,250 shares worth approximately $869,000, representing a 204.1% increase during the second quarter.
• Insider transactions revealed that CEO Robert J. Scaringe and CFO Claire Mcdonough sold shares recently, indicating a slight decrease in their ownership stakes as they sold 17,450 and 7,247 shares, respectively.
• Rivian Automotive's stock opened at $14.68, with a market cap of $17.81 billion and a negative earnings per share of -$0.97 for the last quarter, missing analysts' expectations.

Clare Market Investments LLC lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 204.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,250 shares of the electric vehicle automaker's stock after acquiring an additional 42,450 shares during the quarter. Clare Market Investments LLC's holdings in Rivian Automotive were worth $869,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of RIVN. Wealth Enhancement Advisory Services LLC raised its holdings in Rivian Automotive by 12.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,479 shares of the electric vehicle automaker's stock worth $398,000 after acquiring an additional 3,418 shares during the period. Mn Services Vermogensbeheer B.V. lifted its holdings in Rivian Automotive by 24.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker's stock valued at $4,037,000 after buying an additional 57,500 shares during the period. Wedmont Private Capital raised its holdings in Rivian Automotive by 10.0% in the second quarter. Wedmont Private Capital now owns 28,032 shares of the electric vehicle automaker's stock worth $370,000 after purchasing an additional 2,546 shares during the period. Swedbank AB increased its position in shares of Rivian Automotive by 356.6% during the second quarter. Swedbank AB now owns 933,745 shares of the electric vehicle automaker's stock worth $12,830,000 after acquiring an additional 729,240 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in Rivian Automotive by 59.5% in the second quarter. Parallel Advisors LLC now owns 16,662 shares of the electric vehicle automaker's stock valued at $229,000 after purchasing an additional 6,217 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,147 shares of company stock worth $577,593. Company insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded down $0.30 on Friday, hitting $14.38. The company's stock had a trading volume of 68,611,471 shares, compared to its average volume of 49,430,452. 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 capitalization of $17.45 billion, a price-to-earnings ratio of -4.45 and a beta of 1.81. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $17.15. The firm has a fifty day moving average price of $13.17 and a 200-day moving average price of $13.10.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen downgraded shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. UBS Group cut their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Finally, Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $13.67.

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.