Invenomic Capital Management LP increased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 903.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 709,173 shares of the electric vehicle automaker's stock after acquiring an additional 638,485 shares during the quarter. Invenomic Capital Management LP owned approximately 0.06% of Rivian Automotive worth $8,829,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Teacher Retirement System of Texas purchased a new stake in Rivian Automotive in the 1st quarter valued at about $1,382,000. Twinbeech Capital LP purchased a new stake in Rivian Automotive in the 4th quarter valued at about $29,944,000. Caisse Des Depots ET Consignations purchased a new stake in Rivian Automotive in the 1st quarter valued at about $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive in the 1st quarter valued at about $311,000. Finally, Mmbg Investment Advisors CO. purchased a new stake in Rivian Automotive in the 1st quarter valued at about $274,000. Institutional investors and hedge funds own 66.25% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on RIVN shares. Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wedbush cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Jefferies Financial Group reiterated a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Finally, UBS Group cut their price target 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. Five analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $13.69.
Check Out Our Latest Report on Rivian Automotive
Insider Buying and Selling at Rivian Automotive
In other news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred 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 directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.16% of the company's stock.
Rivian Automotive Stock Down 1.5%
RIVN traded down $0.22 on Monday, reaching $13.99. The company's stock had a trading volume of 53,192,702 shares, compared to its average volume of 34,958,180. The stock has a 50 day moving average of $13.00 and a two-hundred day moving average of $12.96. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $16.98 billion, a price-to-earnings ratio of -4.33 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 posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive's revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.46) earnings per share. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.
About Rivian Automotive
(
Free Report)
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.
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