29,684 Shares in Rivian Automotive, Inc. $RIVN Purchased by Perbak Capital Partners LLP

Key Points

• Perbak Capital Partners LLP purchased 29,684 shares of Rivian Automotive, valued at approximately $370,000, indicating growing institutional interest in the electric vehicle manufacturer.
• Rivian's CFO Claire Mcdonough sold 7,247 shares at $12.28, resulting in a decrease in their ownership stake, highlighting insider transactions during a period of fluctuating stock prices.
• Rivian reported a loss of $0.97 EPS for the last quarter, missing analyst estimates, despite a year-over-year revenue increase of 12.5%, underscoring ongoing challenges for the company.

Perbak Capital Partners LLP bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 29,684 shares of the electric vehicle automaker's stock, valued at approximately $370,000.

Other hedge funds have also recently made changes to their positions in the company. EP Wealth Advisors LLC lifted its holdings in Rivian Automotive by 39.4% during the 1st quarter. EP Wealth Advisors LLC now owns 14,899 shares of the electric vehicle automaker's stock valued at $185,000 after buying an additional 4,211 shares in the last quarter. Point72 Europe London LLP purchased a new position in shares of Rivian Automotive during the first quarter worth approximately $10,204,000. Quarry LP raised its stake in shares of Rivian Automotive by 215.2% during the first quarter. Quarry LP now owns 9,122 shares of the electric vehicle automaker's stock valued at $114,000 after acquiring an additional 6,228 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Rivian Automotive by 93.1% in the first quarter. Baird Financial Group Inc. now owns 24,044 shares of the electric vehicle automaker's stock valued at $299,000 after purchasing an additional 11,595 shares during the period. Finally, Pinnacle Wealth Planning Services Inc. bought a new position in Rivian Automotive in the first quarter worth approximately $148,000. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RIVN. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley reduced their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Finally, UBS Group cut their target price on 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 equities research 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.com, the stock currently has a consensus rating of "Hold" and an average target price of $13.69.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.16% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Up 2.2%

Shares of RIVN traded up $0.30 during mid-day trading on Tuesday, hitting $13.87. 51,195,564 shares of the company traded hands, compared to its average volume of 41,933,624. The company has a market capitalization of $16.83 billion, a PE ratio of -4.29 and a beta of 1.81. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15. 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 business has a 50 day moving average of $12.98 and a 200 day moving average of $12.96.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS 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 company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the firm posted ($1.46) earnings per share. The company's quarterly revenue was up 12.5% on a year-over-year basis. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.