Triumph Capital Management Increases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Triumph Capital Management raised its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 36.2% during the first quarter, according to the company in its most recent Form 13F 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.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new position in Rivian Automotive in the first quarter valued at about $1,382,000. Twinbeech Capital LP purchased a new position in Rivian Automotive in the fourth quarter valued at about $29,944,000. Groupama Asset Managment purchased a new position in Rivian Automotive in the fourth quarter valued at about $26,600,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $10,448,000. Finally, Symmetry Investments LP purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $357,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 205,694 shares of company stock valued at $3,144,612 over the last ninety days. Corporate insiders own 2.16% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RIVN. Stifel Nicolaus upped their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Piper Sandler upped their price target 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. Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Stock Up 1.4%

NASDAQ:RIVN traded up $0.19 during mid-day trading on Friday, hitting $14.01. 51,061,426 shares of the company's stock were exchanged, compared to its average volume of 30,906,356. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The company has a market cap of $15.84 billion, a PE ratio of -3.77 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The business has a fifty day moving average price of $14.01 and a 200 day moving average price of $13.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.48) earnings per share. Equities analysts predict 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.