Quantbot Technologies LP Makes New $406,000 Investment in Rivian Automotive, Inc. $RIVN

Key Points

• Quantbot Technologies LP has purchased a new stake in Rivian Automotive, acquiring 32,579 shares valued at approximately $406,000.
• Institutional investors now hold 66.25% of Rivian's stock, with significant increases in holdings from firms like Vanguard and Northern Trust Corp.
• Rivian's recent financial performance includes a missed earnings estimate of ($0.97) per share, despite a revenue increase of 12.5% year over year.

Quantbot Technologies LP purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 32,579 shares of the electric vehicle automaker's stock, valued at approximately $406,000.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Soma Equity Partners LP boosted its holdings in Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. Northern Trust Corp boosted its holdings in Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock worth $100,195,000 after purchasing an additional 809,064 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 6.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker's stock worth $62,882,000 after purchasing an additional 309,787 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Rivian Automotive by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker's stock worth $39,830,000 after purchasing an additional 89,136 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research reports. Morgan Stanley dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Stifel Nicolaus dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Wedbush decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group restated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $13.69.

Rivian Automotive Stock Up 0.1%

NASDAQ:RIVN traded up $0.01 during trading hours on Wednesday, hitting $13.22. The stock had a trading volume of 38,921,505 shares, compared to its average volume of 44,602,608. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15. The business has a 50 day simple moving average of $12.98 and a two-hundred day simple moving average of $12.95. The company has a market cap of $16.04 billion, a PE ratio of -4.09 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates 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 period in the previous year, the business posted ($1.46) EPS. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.16% of the company's stock.

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.