Northern Trust Corp Acquires 809,064 Shares of Rivian Automotive, Inc. $RIVN

Key Points

• Northern Trust Corp increased its stake in Rivian Automotive by 11.2%, acquiring an additional 809,064 shares in the first quarter, bringing its total holdings to 8,047,760 shares valued at approximately $100.2 million.
• Rivian Automotive's latest quarterly earnings report showed a shortfall, with earnings per share at ($0.97), missing the consensus estimate, despite revenue rising by 12.5% year-over-year.
• Recent analysts' ratings for Rivian Automotive reflect cautious sentiment, with many maintaining a "Hold" rating and varying target prices, the consensus target being $13.69.

Northern Trust Corp raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 11.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,047,760 shares of the electric vehicle automaker's stock after acquiring an additional 809,064 shares during the quarter. Northern Trust Corp owned approximately 0.71% of Rivian Automotive worth $100,195,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Larson Financial Group LLC increased its position in Rivian Automotive by 7.4% during the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock worth $131,000 after purchasing an additional 722 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock worth $405,000 after buying an additional 772 shares in the last quarter. First National Trust Co lifted its stake in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after acquiring an additional 800 shares during the last quarter. Dimension Capital Management LLC boosted its holdings in shares of Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after acquiring an additional 819 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after acquiring an additional 867 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.16% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Piper Sandler upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, Wedbush dropped their price target 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. Five investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and an average target price of $13.69.

Rivian Automotive Stock Up 8.0%

Rivian Automotive stock opened at $13.09 on Friday. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of -4.05 and a beta of 1.80. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The firm has a 50 day moving average price of $13.01 and a two-hundred day moving average price of $12.94.

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). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the company earned ($1.46) earnings per share. The company's quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS 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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