Point72 Europe London LLP Acquires New Shares in Rivian Automotive, Inc. $RIVN

Key Points

• Point72 Europe London LLP acquired 819,566 new shares of Rivian Automotive, valued at approximately $10.2 million, representing about 0.07% of the company's total shares.
• Rivian reported a loss of ($0.97) EPS for the recent quarter, missing estimates, although revenue increased by 12.5% year-over-year.
• Recent analyst ratings on Rivian have varied, with price targets being cut by multiple firms, resulting in a current consensus rating of "Hold" and an average price target of $13.69.

Point72 Europe London LLP bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 819,566 shares of the electric vehicle automaker's stock, valued at approximately $10,204,000. Point72 Europe London LLP owned approximately 0.07% of Rivian Automotive as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. PFS Partners LLC increased its position in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at about $34,000. WPG Advisers LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at about $34,000. Olde Wealth Management LLC purchased a new position in Rivian Automotive during the 1st quarter valued at about $37,000. Finally, Quarry LP acquired a new position in Rivian Automotive during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Trading Down 0.5%

Shares of Rivian Automotive stock opened at $13.57 on Friday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The business's fifty day moving average is $12.98 and its two-hundred day moving average is $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 firm has a market cap of $16.47 billion, a PE ratio of -4.20 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results 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 net margin of 68.06% and a negative return on equity of 58.07%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company posted ($1.46) earnings per share. The business's revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RIVN. UBS Group reduced their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Morgan Stanley dropped their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Canaccord Genuity Group reduced their price objective on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $13.69.

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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