Atom Investors LP purchased new shares in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) in the third quarter, according to a recent disclosure to the Securities and Exchange Commission. Institutional investors purchased 33,494 shares of the electric vehicle manufacturer worth approximately $1,102,000.
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Many other hedge funds and other institutional investors have also increased or decreased their stakes in RIVN. Bartlett & Co. LLC boosted his Rivian Automotive stock position by 104.2% in the second quarter. Bartlett & Co. LLC now owns 980 shares of the electric vehicle manufacturer worth $25,000 after purchasing an additional 500 shares during the period. Concord Wealth Partners purchased new shares in his Rivian Automotive worth approximately $25,000 in the second quarter. Venture Visionary Partners LLC purchased new shares in his Rivian Automotive worth approximately $27,000 in the second quarter. Seeyond bought new shares in his Rivian Automotive worth about $27,000 in the second quarter. Finally, Versant Capital Management Inc boosted his position in Rivian Automotive shares by 21,300.0% in the second quarter. Versant Capital Management Inc now owns 1,070 shares of the electric vehicle maker worth $28,000 after purchasing an additional 1,065 shares in him during the period. 67.97% of the shares are owned by hedge funds and other institutional investors.
In other Rivian Automotive news, CFO Claire Mcdonough sold 14,235 shares in the company in a deal on Tuesday, November 15th. The shares sold for an average of $34.92, with a total trading value of $497,086.20 for her. Following the transaction, the Chief Financial Officer now owns 81,151 shares of the Company’s stock valued at approximately $2,833,792.92. The deal is disclosed in legal documents to the Securities and Exchange Commission, available on her website at the SEC. In her other Rivian Automotive news, CFO Claire Mcdonough sold 14,235 shares of the company in her Tuesday, Nov. 15 deal. The shares sold for an average of $34.92, with a total trading value of her $497,086.20. Following the transaction, the Chief Financial Officer now owns 81,151 shares of the Company’s stock valued at approximately $2,833,792.92. The transaction is disclosed in legal filings with the Securities and Exchange Commission and is available on the SEC’s website. CAO Jeff Baker also sold 1,689 shares of the company in a transaction on Tuesday, November 15th. The shares sold for an average of $34.38, and the total trading value he had was $58,067.82. After the transaction, the Chief Accounting Officer now owns directly his 89,331 shares in the company, valued at approximately $3,071,199.78. Please see here for the disclosure of this sale. 2.34% of the shares are currently owned by insiders.
Wall Street analyst opinion
Many research firms participate in RIVN. The Royal Bank of Canada lowered its price target for Rivian Automotive from his $61.00 to his $50.00 in a research report on Thursday, Nov. 10, setting the company’s rating to “outperform.” Mizuho lowered its price target on Rivian Automotive from $58.00 to $50.00 in a research report on Tuesday, Dec. 20, giving the company a Buy rating. Canaccord Genuity Group lowered its price target on Rivian Automotive shares from $61.00 to $55.00 in a research report on Thursday, November 10, giving the company a Buy rating. Piper Sandler lowered his price target on Rivian Automotive from $83.00 to $63.00 in a research report on Thursday, November 10, and assigned the company an Overweight rating. Finally, Morgan Stanley lowered his price target on Rivian Automotive from $55.00 to $28.00 in his Wednesday Jan. 25 research report, setting the company’s rating to “overweight.” Two equity research analysts gave sell ratings, six issued hold ratings, and 12 assigned buy ratings to company stocks. Based on MarketBeat.com data, the company’s current average rating is “moderate buy” with a consensus price target of $39.25.
Rivian Automotive Trading +6.3%
RIVN shares rose $1.13 to $19.17 in midday trading on Tuesday. The stock had a trading volume of 16,405,494 shares and an average trading volume of 30,185,760 shares. The company has a market capitalization of $17.65 billion, a PE ratio of -1.86 and a beta of 1.84. Rivian Automotive, Inc. has a one-year low of $15.28 and a one-year high of $71.50. The stock has a 50-day moving average of $21.83 and a 200-day moving average of $29.68. The company has a debt to equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last reported quarterly results on Wednesday, November 9th. The electric car maker reported his EPS for the quarter ($1.57), beating consensus expectations ($1.78) by $0.21. The company’s revenue for the quarter was $536 million, compared to consensus expectations of $513.89 million. Rivian Automotive had a net profit margin of 714.01% and a return on equity of 32.42%. As a group, analysts expect Rivian Automotive, Inc. to report -7.09 EPS for the current financial year.
About Rivian Automotive
Rivian Automotive, Inc designs, develops, manufactures and markets electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. Partnering with Amazon.com to offer his Rivian commercial vehicle platform for electric delivery vans. The company sells its products directly to customers in the consumer and commercial markets.
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