Rivian Automotive, Inc. (NASDAQ:RIVN) is Soma Equity Partners LP's 5th Largest Position

Soma Equity Partners LP boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 19.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,486,109 shares of the electric vehicle automaker's stock after acquiring an additional 1,407,772 shares during the quarter. Rivian Automotive comprises about 6.2% of Soma Equity Partners LP's investment portfolio, making the stock its 5th biggest position. Soma Equity Partners LP owned 0.83% of Rivian Automotive worth $112,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp boosted its holdings in Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RIVN. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. Mizuho raised their target price on shares of Rivian Automotive from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $19.00 to $13.00 in a report on Thursday, March 20th. Finally, Needham & Company LLC reduced their price objective on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.16.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $15.30 on Friday. The company has a 50 day moving average price of $12.29 and a 200 day moving average price of $12.46. The firm has a market capitalization of $17.30 billion, a P/E ratio of -3.24 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.43 billion. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $10,082,590.02. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 195,364 shares of company stock valued at $2,303,960. 2.16% of the stock is owned by company insiders.

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.

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