Impax Asset Management Group plc Makes New $5.60 Million Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Impax Asset Management Group plc acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 450,000 shares of the electric vehicle automaker's stock, valued at approximately $5,602,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after acquiring an additional 3,864 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after acquiring an additional 1,160 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Rivian Automotive in the 4th quarter valued at $487,000. Jones Financial Companies Lllp lifted its position in shares of Rivian Automotive by 91.1% during the 4th quarter. Jones Financial Companies Lllp now owns 25,202 shares of the electric vehicle automaker's stock valued at $335,000 after buying an additional 12,014 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on RIVN shares. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a report on Sunday, June 22nd. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group reissued a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Guggenheim restated a "buy" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. Finally, Needham & Company LLC lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Stock Up 0.1%

Shares of Rivian Automotive stock traded up $0.01 on Wednesday, reaching $13.14. 12,301,273 shares of the company were exchanged, compared to its average volume of 33,482,889. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $18.86. The company has a market cap of $14.86 billion, a P/E ratio of -3.53 and a beta of 1.81. The stock's 50 day moving average price is $14.22 and its 200-day moving average price is $13.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm 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 quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company earned ($1.48) earnings per share. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,407 shares of company stock worth $3,553,883. 2.16% of the stock is owned by insiders.

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.