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

Impax Asset Management Group plc purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 450,000 shares of the electric vehicle automaker's stock, valued at approximately $5,602,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital International Investors purchased a new position in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $123,308,000. Northern Trust Corp lifted its stake in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after buying an additional 2,941,928 shares during the period. Twinbeech Capital LP purchased a new position in shares of Rivian Automotive during the 4th quarter worth $29,944,000. Finally, Groupama Asset Managment purchased a new position in shares of Rivian Automotive during the 4th quarter worth $26,600,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Piper Sandler increased their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Guggenheim reiterated a "buy" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Needham & Company LLC cut their price objective 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. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $14.38.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 107,144 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction 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 approximately $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 is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's 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 transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 312,836 shares of company stock valued at $4,357,459. 2.16% of the stock is currently owned by corporate insiders.

Rivian Automotive Price Performance

RIVN traded up $0.22 on Friday, reaching $13.09. The company had a trading volume of 21,513,393 shares, compared to its average volume of 33,663,191. The company has a fifty day moving average of $14.23 and a 200-day moving average of $13.13. 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 company has a market capitalization of $14.80 billion, a P/E ratio of -3.52 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business's revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm posted ($1.48) earnings per share. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share 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.