Edgestream Partners L.P. Buys New Shares in Rivian Automotive, Inc. (NASDAQ:RIVN)

Edgestream Partners L.P. bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 85,343 shares of the electric vehicle automaker’s stock, valued at approximately $1,145,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. Laidlaw Wealth Management LLC grew its holdings in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. GAMMA Investing LLC grew its holdings in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in Rivian Automotive by 18.3% in the fourth quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after purchasing an additional 802 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RIVN shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.09.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. Insiders have sold 500,830 shares of company stock valued at $7,872,145 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 11.0 %

RIVN opened at $11.71 on Friday. The stock has a market capitalization of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06. The firm’s fifty day moving average price is $14.48 and its 200 day moving average price is $12.33. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal 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.