Connor Clark & Lunn Investment Management Ltd. Purchases 1,019,038 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Connor Clark & Lunn Investment Management Ltd. grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 1,726.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,078,062 shares of the electric vehicle automaker's stock after purchasing an additional 1,019,038 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Rivian Automotive worth $13,422,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. PFS Partners LLC raised its holdings in Rivian Automotive by 1,882.0% during the first 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 in the last quarter. Orion Capital Management LLC bought a new stake in Rivian Automotive during the fourth quarter worth about $34,000. Quarry LP bought a new stake in Rivian Automotive during the fourth quarter worth about $38,000. Olde Wealth Management LLC bought a new stake in Rivian Automotive during the first quarter worth about $37,000. Finally, Golden State Wealth Management LLC raised its holdings in 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 worth $41,000 after acquiring an additional 1,714 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on RIVN. Needham & Company LLC dropped their target price on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Wells Fargo & Company lowered their price target on 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. Robert W. Baird lowered their price target 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. Finally, Canaccord Genuity Group lowered their price target on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $13.73.

Rivian Automotive Stock Down 2.3%

NASDAQ RIVN opened at $11.79 on Monday. The business has a fifty day moving average price of $13.37 and a two-hundred day moving average price of $12.97. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The stock has a market capitalization of $13.33 billion, a PE ratio of -3.65 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results 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 for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company earned ($1.46) earnings per share. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 107,144 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 205,694 shares of company stock valued at $3,144,612 over the last quarter. 2.16% of the stock is owned by corporate insiders.

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.

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