Neo Ivy Capital Management Raises Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Neo Ivy Capital Management grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 23.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,704 shares of the electric vehicle automaker's stock after acquiring an additional 30,300 shares during the period. Neo Ivy Capital Management's holdings in Rivian Automotive were worth $2,097,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RIVN. Dimension Capital Management LLC boosted its position in Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares in the last quarter. Tradition Wealth Management LLC lifted its stake in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after buying an additional 849 shares in the last quarter. RFG Holdings Inc. lifted its position in shares of Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after acquiring an additional 1,096 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC lifted its position in Rivian Automotive by 4.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after buying an additional 1,164 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $15.91 on Friday. Rivian Automotive, Inc. has a 12 month low of $9.50 and a 12 month high of $18.86. The stock's 50-day moving average is $12.83 and its 200-day moving average is $12.66. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market cap of $17.99 billion, a price-to-earnings ratio of -3.37 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period last year, the company posted ($1.48) earnings per share. The firm's revenue was up 3.0% compared to the same quarter last year. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive 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 sale, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock worth $5,201,750 over the last 90 days. Company insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

RIVN has been the topic of several research analyst reports. Cowen assumed coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Benchmark reissued a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler raised their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.33.

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.

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