Strs Ohio Acquires New Stake in Rivian Automotive, Inc. $RIVN

Key Points

• Strs Ohio acquired 94,800 shares of Rivian Automotive valued at approximately $1,180,000, marking a new position for the firm in the electric vehicle market.
• Several hedge funds modified their holdings in Rivian, with notable increases from firms like Intech Investment Management, which boosted its shares by 522.0% during the first quarter.
• Rivian reported a net loss of ($0.97) earnings per share for the last quarter, missing estimates, despite revenue growth of 12.5% year-over-year to $1.30 billion.

Strs Ohio acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 94,800 shares of the electric vehicle automaker's stock, valued at approximately $1,180,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Rivian Automotive by 14.1% during the fourth quarter. Janus Henderson Group PLC now owns 98,441 shares of the electric vehicle automaker's stock valued at $1,311,000 after purchasing an additional 12,200 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Rivian Automotive by 26.8% during the fourth quarter. Nuveen Asset Management LLC now owns 2,847,211 shares of the electric vehicle automaker's stock valued at $37,868,000 after purchasing an additional 602,210 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Rivian Automotive by 146.4% during the fourth quarter. Quantinno Capital Management LP now owns 40,197 shares of the electric vehicle automaker's stock valued at $535,000 after purchasing an additional 23,886 shares during the period. Finally, Westwood Holdings Group Inc. boosted its stake in shares of Rivian Automotive by 22.6% during the fourth quarter. Westwood Holdings Group Inc. now owns 110,505 shares of the electric vehicle automaker's stock valued at $1,470,000 after purchasing an additional 20,394 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the company's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RIVN shares. Morgan Stanley lowered their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Piper Sandler boosted their target price 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. Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Wedbush lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Finally, Guggenheim downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of "Hold" and a consensus price target of $13.67.

Rivian Automotive Stock Down 2.0%

Shares of RIVN traded down $0.30 during mid-day trading on Friday, hitting $14.38. 68,611,471 shares of the company traded hands, compared to its average volume of 35,605,195. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15. 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 capitalization of $17.45 billion, a PE ratio of -4.45 and a beta of 1.81. The business has a 50 day moving average of $13.14 and a 200 day moving average of $13.08.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.46) EPS. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.