Renaissance Technologies LLC Trims Stake in Rivian Automotive, Inc. $RIVN

Key Points

• Renaissance Technologies cut its Rivian stake by 33.4% in Q1, selling 5.48 million shares and leaving it with 10.9 million shares worth about $164.3 million.
• Rivian insiders also sold stock, including CEO RJ Scaringe and CFO Claire McDonough, with insider sales totaling 68,385 shares last quarter.
• Rivian’s latest results were mixed but slightly better than expected: it beat EPS and revenue estimates in the April quarter, and analysts currently rate the stock a consensus Hold with an average price target of $18.86.

Renaissance Technologies LLC cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 33.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,917,096 shares of the electric vehicle automaker's stock after selling 5,480,400 shares during the quarter. Renaissance Technologies LLC owned approximately 0.88% of Rivian Automotive worth $164,302,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Danske Bank A S grew its position in Rivian Automotive by 36.8% during the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock valued at $12,102,000 after buying an additional 165,300 shares during the period. Trek Financial LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $6,115,000. Independent Financial Group LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter worth about $985,000. Swedbank AB boosted its stake in shares of Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock worth $18,553,000 after acquiring an additional 74,322 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Rivian Automotive by 34.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker's stock valued at $5,249,000 after acquiring an additional 90,200 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company's stock, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company's stock, valued at $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 68,385 shares of company stock valued at $1,125,094 over the last quarter. 1.48% of the stock is currently owned by insiders.

Rivian Automotive Stock Down 3.8%

RIVN stock opened at $15.84 on Friday. The stock has a market capitalization of $21.56 billion, a P/E ratio of -5.42 and a beta of 1.60. The firm has a 50-day simple moving average of $16.32 and a 200-day simple moving average of $16.00. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned ($0.48) EPS. The company's revenue for the quarter was up 11.4% on a year-over-year basis. Equities analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian filed a lawsuit seeking a full refund of tariffs it paid under Trump-era import taxes, which could return tens of millions of dollars to the company if successful and provide a direct boost to cash flow. Rivian sues the US government for ‘full refund' of Trump tariffs
• Positive Sentiment: Investor attention is also focusing on Rivian’s improving relative performance versus peers, with the stock benefiting from a broader rotation away from Tesla and toward EV names like Rivian. Tesla Sinks 18% in a Month as Lucid Climbs 21%, Rivian Gains 9%: SpaceX Anxiety or Cracks Under the Hood?
• Neutral Sentiment: Rivian remains in focus ahead of its June-quarter earnings report on July 30, with analysts debating whether the company can deliver a better-than-expected result after a volatile year-to-date performance. Rivian Automotive (RIVN) As June Quarter Results Near Fair Value Stays In Focus
• Neutral Sentiment: Rivian is also being viewed as having a relatively weak setup for an earnings beat, which adds uncertainty but does not by itself confirm a major near-term catalyst. Rivian Automotive (RIVN) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
• Negative Sentiment: News that Volkswagen engineers were charged with insider trading tied to the Rivian joint venture may create some headline risk around the partnership, even though the allegations are aimed at individuals rather than Rivian itself. Volkswagen engineers charged with insider trading tied to Rivian joint venture

Analysts Set New Price Targets

Several equities analysts recently weighed in on RIVN shares. Weiss Ratings upgraded Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price target on shares of Rivian Automotive in a research report on Monday, April 6th. Cantor Fitzgerald reissued a "neutral" rating on shares of Rivian Automotive in a report on Monday, June 15th. Jefferies Financial Group boosted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a "hold" rating in a research report on Tuesday, July 7th. Finally, DA Davidson upped their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $18.86.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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