Rivian Automotive, Inc. $RIVN Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC significantly increased its stake in Rivian Automotive by 522%, acquiring a total of 350,965 shares valued at $4.37 million by the end of the first quarter.
• Rivian reported a quarterly earnings loss of ($0.97) per share, missing analyst expectations, while revenue grew 12.5% year-over-year to $1.30 billion.
• Institutional investors currently hold 66.25% of Rivian's stock, reflecting strong interest from large financial entities amidst mixed analyst ratings, with an average target price of $13.67.

Intech Investment Management LLC grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 522.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 350,965 shares of the electric vehicle automaker's stock after purchasing an additional 294,539 shares during the quarter. Intech Investment Management LLC's holdings in Rivian Automotive were worth $4,370,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Larson Financial Group LLC grew its position in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares during the last quarter. Brown Advisory Inc. grew its position in shares of Rivian Automotive by 2.4% in the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares during the last quarter. First National Trust Co grew its position in shares of Rivian Automotive by 5.3% in the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after purchasing an additional 800 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after purchasing an additional 867 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in shares of Rivian Automotive by 2.3% during the first quarter. Blair William & Co. IL now owns 41,167 shares of the electric vehicle automaker's stock valued at $513,000 after buying an additional 930 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,333,655 shares in the company, valued at approximately $18,671,170. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $13.46 on Friday. 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 company has a market cap of $16.33 billion, a P/E ratio of -4.17 and a beta of 1.81. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The firm's 50 day moving average is $13.06 and its two-hundred day moving average is $13.01.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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). The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.46) EPS. Analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on RIVN. Piper Sandler upped their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. UBS Group reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Wedbush reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Finally, Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Monday, August 25th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $13.67.

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.

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