Ionic Capital Management LLC Acquires New Shares in Rivian Automotive, Inc. (NASDAQ:RIVN)

Ionic Capital Management LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 30,000 shares of the electric vehicle automaker's stock, valued at approximately $399,000.

A number of other institutional investors have also added to or reduced their stakes in RIVN. Tandem Financial LLC purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the 3rd quarter worth $28,000. Bear Mountain Capital Inc. lifted its stake in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares during the last quarter. Finally, Quarry LP bought a new stake in Rivian Automotive during the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on RIVN shares. Cantor Fitzgerald reissued a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday. Wedbush lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday. Benchmark reaffirmed a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Wells Fargo & Company lowered their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $13.99.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock valued at $2,154,905. Company insiders own 2.51% of the company's stock.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $14.26 on Friday. The company has a market capitalization of $16.12 billion, a PE ratio of -3.02 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company's fifty day moving average price is $11.98 and its 200 day moving average price is $12.35. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

About Rivian Automotive

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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