Twinbeech Capital LP acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,251,398 shares of the electric vehicle automaker's stock, valued at approximately $29,944,000. Twinbeech Capital LP owned 0.22% of Rivian Automotive at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 21.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker's stock valued at $790,000 after buying an additional 10,408 shares in the last quarter. HB Wealth Management LLC raised its position in Rivian Automotive by 174.9% during the fourth quarter. HB Wealth Management LLC now owns 63,274 shares of the electric vehicle automaker's stock worth $842,000 after acquiring an additional 40,256 shares during the period. Udine Wealth Management Inc. acquired a new position in Rivian Automotive during the fourth quarter worth $1,031,000. Clarius Group LLC lifted its holdings in Rivian Automotive by 25.3% during the fourth quarter. Clarius Group LLC now owns 47,679 shares of the electric vehicle automaker's stock valued at $634,000 after purchasing an additional 9,633 shares in the last quarter. Finally, Grove Bank & Trust acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $62,000. 66.25% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently weighed in on RIVN shares. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 22nd. Jefferies Financial Group reiterated a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Guggenheim restated a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday, May 6th. Finally, Benchmark reaffirmed a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $14.24.
Read Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Up 3.9%
NASDAQ:RIVN traded up $0.63 during mid-day trading on Tuesday, hitting $16.92. The stock had a trading volume of 63,653,076 shares, compared to its average volume of 36,288,412. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $18.86. The stock has a 50-day simple moving average of $12.62 and a two-hundred day simple moving average of $12.60. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $19.13 billion, a PE ratio of -3.58 and a beta of 1.86.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.
Insider Activity at Rivian Automotive
In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 391,121 shares of company stock valued at $5,299,517 over the last quarter. 2.16% of the stock is owned by insiders.
Rivian Automotive Company Profile
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Free Report)
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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