Hussman Strategic Advisors Inc. Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Hussman Strategic Advisors Inc. purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 168,000 shares of the electric vehicle automaker's stock, valued at approximately $2,092,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PFS Partners LLC raised its stake 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 in the fourth quarter valued at approximately $34,000. Quarry LP bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $38,000. Olde Wealth Management LLC acquired a new position in Rivian Automotive in the first quarter valued at approximately $37,000. Finally, AllSquare Wealth Management LLC lifted its stake in Rivian Automotive by 8,794.1% in the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock valued at $40,000 after buying an additional 2,990 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. This represents a 6.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RIVN. Needham & Company LLC lowered their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Trading Up 6.2%

Shares of RIVN stock traded up $0.80 on Friday, reaching $13.70. 48,563,645 shares of the company's stock were exchanged, compared to its average volume of 32,814,957. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week 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. The stock has a market capitalization of $15.49 billion, a PE ratio of -3.68 and a beta of 1.81. The company's fifty day simple moving average is $14.12 and its 200 day simple moving average is $13.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during 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% on a year-over-year basis. During the same period in the previous year, the company posted ($1.48) EPS. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.