Renaissance Technologies LLC Boosts Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Renaissance Technologies LLC raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 153.2% during the second quarter, HoldingsChannel.com reports. The firm owned 5,430,500 shares of the electric vehicle automaker’s stock after purchasing an additional 3,285,867 shares during the period. Renaissance Technologies LLC’s holdings in Rivian Automotive were worth $72,877,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Wolfe Research initiated coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday. UBS Group reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Barclays raised their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $13.20 on Tuesday. The firm’s fifty day simple moving average is $14.85 and its two-hundred day simple moving average is $12.29. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. The firm has a market capitalization of $13.31 billion, a P/E ratio of -2.29 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released 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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Analysts forecast that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,830 shares of company stock valued at $7,872,145. 2.30% of the stock is currently owned by insiders.

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.