Rivian Automotive, Inc. (NASDAQ:RIVN) Stake Increased by Triumph Capital Management

Triumph Capital Management raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,544 shares of the electric vehicle automaker's stock after acquiring an additional 20,860 shares during the quarter. Triumph Capital Management's holdings in Rivian Automotive were worth $978,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Teacher Retirement System of Texas purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $1,382,000. Twinbeech Capital LP purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Groupama Asset Managment purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $26,600,000. KLP Kapitalforvaltning AS purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $10,448,000. Finally, Symmetry Investments LP purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $357,000. Institutional investors own 66.25% of the company's stock.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 107,144 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at $22,617,442.75. This represents a 6.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the 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 owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 205,694 shares of company stock valued at $3,144,612. 2.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIVN. Stifel Nicolaus raised their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Piper Sandler increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Guggenheim cut Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Robert W. Baird lowered their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Sunday, June 22nd. 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 stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Up 1.4%

NASDAQ RIVN traded up $0.19 during mid-day trading on Friday, reaching $14.01. 51,034,878 shares of the company's stock traded hands, compared to its average volume of 32,335,863. The company has a market cap of $15.84 billion, a price-to-earnings ratio of -3.77 and a beta of 1.81. The company has a fifty day simple moving average of $14.04 and a 200-day simple moving average of $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 1-year low of $9.50 and a 1-year high of $17.15.

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