Renaissance Technologies LLC decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 33.4% in the first quarter, Holdings Channel reports. The fund owned 10,917,096 shares of the electric vehicle automaker’s stock after selling 5,480,400 shares during the period. Renaissance Technologies LLC’s holdings in Rivian Automotive were worth $164,302,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $220,323,000. Capital International Investors increased its holdings in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. AQR Capital Management LLC lifted its position in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after buying an additional 1,918,852 shares in the last quarter. Worldquant Millennium Advisors LLC lifted its position in Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after buying an additional 1,916,686 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its stake in Rivian Automotive by 541.6% during the fourth quarter. Voloridge Investment Management LLC now owns 2,137,073 shares of the electric vehicle automaker’s stock worth $42,122,000 after buying an additional 1,803,978 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on RIVN. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a report on Monday, April 6th. DA Davidson lifted their price target on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. BNP Paribas Exane boosted their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.86.
Rivian Automotive Trading Down 3.8%
Shares of Rivian Automotive stock opened at $15.84 on Friday. The stock has a 50 day moving average of $16.32 and a 200 day moving average of $16.00. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The firm has a market capitalization of $21.56 billion, a price-to-earnings ratio of -5.42 and a beta of 1.60. Rivian Automotive, Inc. has a fifty-two week low of $11.57 and a fifty-two week high of $22.69.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the business earned ($0.48) earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.
Insider Transactions at Rivian Automotive
In related news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is currently owned by company insiders.
Key Stories Impacting Rivian Automotive
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Rivian filed a lawsuit seeking a full refund of tariffs it paid under Trump-era import taxes, which could return tens of millions of dollars to the company if successful and provide a direct boost to cash flow. Rivian sues the US government for ‘full refund’ of Trump tariffs
- Positive Sentiment: Investor attention is also focusing on Rivian’s improving relative performance versus peers, with the stock benefiting from a broader rotation away from Tesla and toward EV names like Rivian. Tesla Sinks 18% in a Month as Lucid Climbs 21%, Rivian Gains 9%: SpaceX Anxiety or Cracks Under the Hood?
- Neutral Sentiment: Rivian remains in focus ahead of its June-quarter earnings report on July 30, with analysts debating whether the company can deliver a better-than-expected result after a volatile year-to-date performance. Rivian Automotive (RIVN) As June Quarter Results Near Fair Value Stays In Focus
- Neutral Sentiment: Rivian is also being viewed as having a relatively weak setup for an earnings beat, which adds uncertainty but does not by itself confirm a major near-term catalyst. Rivian Automotive (RIVN) May Report Negative Earnings: Know the Trend Ahead of Next Week’s Release
- Negative Sentiment: News that Volkswagen engineers were charged with insider trading tied to the Rivian joint venture may create some headline risk around the partnership, even though the allegations are aimed at individuals rather than Rivian itself. Volkswagen engineers charged with insider trading tied to Rivian joint venture
About Rivian Automotive
Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.
Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.
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