Investment Management Corp of Ontario Buys 51,899 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Investment Management Corp of Ontario raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 211.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,432 shares of the electric vehicle automaker's stock after acquiring an additional 51,899 shares during the quarter. Investment Management Corp of Ontario's holdings in Rivian Automotive were worth $1,017,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Dimension Capital Management LLC increased its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after acquiring an additional 849 shares during the last quarter. RFG Holdings Inc. grew its position in Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after acquiring an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares during the period. Finally, Freestone Capital Holdings LLC grew its stake in shares of Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after purchasing an additional 1,164 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

RIVN traded up $0.48 during trading on Thursday, reaching $15.30. The stock had a trading volume of 54,988,364 shares, compared to its average volume of 36,162,437. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $17.30 billion, a price-to-earnings ratio of -3.24 and a beta of 1.86. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $18.86. The stock has a 50 day moving average of $12.20 and a two-hundred day moving average of $12.43.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was 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 owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,364 shares of company stock valued at $2,303,960 over the last three months. 2.51% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on RIVN. Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 target price on shares of Rivian Automotive in a report on Wednesday, May 7th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Finally, Robert W. Baird decreased their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $14.16.

Rivian Automotive 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.