Great Lakes Advisors LLC Buys 485,567 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• Great Lakes Advisors LLC significantly increased its holdings in Rivian Automotive by 131%, owning 856,193 shares valued at approximately $10.66 million after acquiring an additional 485,567 shares.
• Rivian reported a quarterly loss of ($0.97) EPS, missing analyst expectations, though revenue increased by 12.5% compared to the prior year, totaling $1.30 billion.
• Several analysts downgraded Rivian's stock ratings recently, with Canaccord Genuity lowering its price target from $23.00 to $21.00, highlighting mixed sentiments among market watchers.

Great Lakes Advisors LLC lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 131.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 856,193 shares of the electric vehicle automaker's stock after buying an additional 485,567 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.08% of Rivian Automotive worth $10,660,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. PFS Partners LLC lifted its holdings in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after acquiring an additional 1,882 shares during the period. Banque Transatlantique SA lifted its holdings in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 2,243 shares during the period. Orion Capital Management LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $34,000. WPG Advisers LLC acquired a new position in Rivian Automotive in the first quarter valued at approximately $34,000. Finally, Olde Wealth Management LLC purchased a new position in Rivian Automotive in the first quarter valued at $37,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on RIVN. UBS Group lowered their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Wedbush dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Canaccord Genuity Group reduced their target price on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Five analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $13.67.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction on 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 sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.16% of the stock is owned by insiders.

Rivian Automotive Stock Down 0.2%

Rivian Automotive stock traded down $0.03 during midday trading on Wednesday, hitting $13.91. 32,373,196 shares of the company were exchanged, compared to its average volume of 34,925,535. The company's fifty day moving average price is $13.01 and its 200-day moving average price is $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. The company has a market cap of $16.88 billion, a PE ratio of -4.31 and a beta of 1.81. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share 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 for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business posted ($1.46) EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.