Olympiad Research LP Makes New $421,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Olympiad Research LP acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 37,557 shares of the electric vehicle automaker’s stock, valued at approximately $421,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after acquiring an additional 7,714,788 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. abrdn plc lifted its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after buying an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after buying an additional 1,039,758 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock valued at $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

RIVN opened at $9.88 on Thursday. The stock has a market capitalization of $9.96 billion, a price-to-earnings ratio of -1.63 and a beta of 2.04. The company has a fifty day moving average of $11.51 and a 200 day moving average of $12.32. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations 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, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on RIVN shares. Canaccord Genuity Group dropped their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. Wolfe Research assumed coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Needham & Company LLC reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.95.

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.