Longitude Cayman Ltd. bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 35,000 shares of the electric vehicle automaker’s stock, valued at approximately $607,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of RIVN. Parallel Advisors LLC increased its position in Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares during the last quarter. Illinois Municipal Retirement Fund raised its stake in Rivian Automotive by 1.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares in the last quarter. Merit Financial Group LLC lifted its position in Rivian Automotive by 3.2% during the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after purchasing an additional 739 shares during the last quarter. Finally, Utah Retirement Systems grew its stake in shares of Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after buying an additional 744 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Rivian Automotive Price Performance
RIVN opened at $16.97 on Monday. The business has a fifty day moving average of $16.48 and a 200 day moving average of $15.82. The stock has a market cap of $24.57 billion, a P/E ratio of -6.58 and a beta of 1.61. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a 52-week low of $12.16 and a 52-week high of $22.69.
Insider Transactions at Rivian Automotive
In other news, CFO Claire Mcdonough sold 13,144 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the transaction, the chief financial officer directly owned 827,201 shares in the company, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 transaction, the director directly owned 110,000 shares in the company, valued at $2,200,000. This represents a 15.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 84,008 shares of company stock worth $1,369,594. Insiders own 1.48% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday, August 4th. DA Davidson boosted their price objective on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Royal Bank Of Canada raised their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.95.
Check Out Our Latest Analysis on Rivian Automotive
Rivian Automotive Company Profile
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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