Stevens Capital Management LP Buys Shares of 255,989 Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• Stevens Capital Management LP has invested approximately $3.19 million in Rivian Automotive by acquiring 255,989 shares during the first quarter.
• Institutional ownership of Rivian is significant, with 66.25% of the stock held by various institutional investors, indicating strong interest in the company.
• Rivian Automotive's stock has been subject to price target downgrades from several analysts, with Wells Fargo lowering its target from $14.00 to $13.00 and Goldman Sachs reducing it from $14.00 to $12.00.

Stevens Capital Management LP purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 255,989 shares of the electric vehicle automaker's stock, valued at approximately $3,187,000.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its stake in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after acquiring an additional 3,864 shares during the last quarter. Natixis Advisors LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $263,000. American Century Companies Inc. grew its holdings in shares of Rivian Automotive by 5.7% during the 4th quarter. American Century Companies Inc. now owns 182,654 shares of the electric vehicle automaker's stock valued at $2,429,000 after purchasing an additional 9,884 shares during the last quarter. Korea Investment CORP grew its stake in shares of Rivian Automotive by 306.2% during the fourth quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker's stock worth $7,166,000 after buying an additional 406,146 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Rivian Automotive by 10.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock worth $10,764,000 after buying an additional 73,812 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Wedbush reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Robert W. Baird reduced their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Stifel Nicolaus upped their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $14.38.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 205,694 shares of company stock worth $3,144,612 in the last ninety days. Insiders own 2.16% of the company's stock.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded up $0.19 during mid-day trading on Friday, reaching $14.01. The company had a trading volume of 51,061,426 shares, compared to its average volume of 30,906,356. The firm has a market cap of $15.84 billion, a price-to-earnings ratio of -3.77 and a beta of 1.81. The company's 50-day moving average price is $14.04 and its 200-day moving average price is $13.07. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company's revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.48) earnings per share. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.