Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 946.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 93,026 shares of the electric vehicle automaker's stock after buying an additional 84,133 shares during the quarter. GAMMA Investing LLC's holdings in Rivian Automotive were worth $1,158,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RIVN. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $27,000. Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter worth approximately $34,000. Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after buying an additional 1,932 shares during the last quarter. Quarry LP acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $38,000. Finally, AllSquare Wealth Management LLC grew its position in shares of Rivian Automotive by 8,794.1% during the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker's stock worth $40,000 after acquiring an additional 2,990 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RIVN shares. Needham & Company LLC cut their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Wall Street Zen downgraded shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, Wedbush lowered their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.34 during mid-day trading on Monday, hitting $13.76. 26,346,532 shares of the company's stock traded hands, compared to its average volume of 36,173,981. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $15.56 billion, a PE ratio of -2.92 and a beta of 1.86. The firm's 50 day simple moving average is $13.67 and its 200 day simple moving average is $13.11. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same period last year, the company posted ($1.48) EPS. The company's revenue was up 3.0% on a year-over-year basis. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 384,265 shares of company stock valued at $5,201,750. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive 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.