Edgestream Partners L.P. Has $2.23 Million Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Edgestream Partners L.P. reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,980 shares of the electric vehicle automaker's stock after selling 100,618 shares during the quarter. Edgestream Partners L.P.'s holdings in Rivian Automotive were worth $2,228,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. CWM LLC lifted its stake in Rivian Automotive by 6.4% during the first quarter. CWM LLC now owns 26,849 shares of the electric vehicle automaker's stock worth $334,000 after purchasing an additional 1,609 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Rivian Automotive by 1.6% during the first quarter. New York State Common Retirement Fund now owns 453,953 shares of the electric vehicle automaker's stock worth $5,652,000 after purchasing an additional 7,200 shares during the last quarter. Arizona State Retirement System lifted its stake in Rivian Automotive by 0.8% during the first quarter. Arizona State Retirement System now owns 219,583 shares of the electric vehicle automaker's stock worth $2,734,000 after purchasing an additional 1,738 shares during the last quarter. Ballentine Partners LLC bought a new position in Rivian Automotive during the first quarter worth $199,000. Finally, Xponance Inc. lifted its stake in Rivian Automotive by 5.8% during the first quarter. Xponance Inc. now owns 79,120 shares of the electric vehicle automaker's stock worth $985,000 after purchasing an additional 4,329 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.80 during mid-day trading on Friday, reaching $13.70. 48,563,645 shares of the stock were exchanged, compared to its average volume of 32,842,691. The business has a fifty day moving average price of $14.12 and a 200 day moving average price of $13.09. The firm has a market capitalization of $15.49 billion, a PE ratio of -3.68 and a beta of 1.81. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.56. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.48) earnings per share. Research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer 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 disclosure for this sale can be found here. Insiders sold a total of 241,407 shares of company stock valued at $3,553,883 in the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RIVN has been the topic of several research analyst reports. Wedbush reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Sunday, June 22nd. The Goldman Sachs Group cut their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Piper Sandler upped their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $14.38.

About Rivian Automotive

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.