Neo Ivy Capital Management Makes New Investment in Rivian Automotive, Inc. $RIVN

Key Points

• Neo Ivy Capital Management purchased 206,353 shares of Rivian in Q2 (~$2.835M), making RIVN 0.9% of its portfolio and its 18th-largest holding, while institutional investors own about 66.25% of the stock.
• Analyst sentiment is mixed with a consensus rating of Hold and a $14.34 average target (6 Buys, 16 Holds, 5 Sells), following several recent target changes by brokerages.
• CEO Robert J. Scaringe sold 52,350 shares at roughly $16.60 on Nov. 11 (part of 87,250 insider shares sold in the last 90 days), reducing his stake by about 4.03%; insiders now hold 2.16% of Rivian.

Neo Ivy Capital Management purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 206,353 shares of the electric vehicle automaker's stock, valued at approximately $2,835,000. Rivian Automotive accounts for 0.9% of Neo Ivy Capital Management's portfolio, making the stock its 18th biggest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RIVN. Assetmark Inc. boosted its position in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,357 shares during the period. Banque Transatlantique SA increased its holdings in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares during the period. Fairman Group LLC purchased a new stake in shares of Rivian Automotive in the second quarter worth approximately $31,000. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth approximately $34,000. Finally, PFS Partners LLC grew its position in Rivian Automotive by 50.5% during the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker's stock valued at $41,000 after purchasing an additional 1,000 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 brokerages have issued reports on RIVN. Wedbush decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. DA Davidson increased their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Monday, October 20th. UBS Group upped their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, October 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Six investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $14.34.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 87,250 shares of company stock worth $1,357,610 over the last ninety days. Insiders own 2.16% of the company's stock.

Rivian Automotive Stock Down 0.4%

Shares of RIVN opened at $14.66 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a market capitalization of $17.97 billion, a P/E ratio of -4.71 and a beta of 1.81. Rivian Automotive, Inc. has a 52 week low of $9.92 and a 52 week high of $18.13. The company has a 50-day simple moving average of $14.24 and a 200-day simple moving average of $13.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, beating analysts' consensus estimates of ($0.72) by $0.02. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted ($1.08) earnings per share. The firm's quarterly revenue was up 78.3% compared to the same quarter last year. On average, equities research analysts expect 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.

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