Verus Capital Partners LLC Purchases New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Verus Capital Partners LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 12,275 shares of the electric vehicle automaker’s stock, valued at approximately $165,000.

Several other institutional investors and hedge funds also recently modified their holdings of RIVN. International Assets Investment Management LLC lifted its position in Rivian Automotive by 1,944.2% during the 4th quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock worth $3,291,000 after acquiring an additional 133,428 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 110.2% in the fourth quarter. First Horizon Advisors Inc. now owns 2,787 shares of the electric vehicle automaker’s stock valued at $65,000 after purchasing an additional 1,461 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in Rivian Automotive during the 4th quarter valued at $81,000. M&T Bank Corp increased its stake in Rivian Automotive by 17.1% during the 4th quarter. M&T Bank Corp now owns 143,400 shares of the electric vehicle automaker’s stock worth $3,364,000 after buying an additional 20,975 shares during the period. Finally, Sapient Capital LLC acquired a new position in Rivian Automotive in the 4th quarter worth $330,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.15 on Wednesday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.87. The firm has a market capitalization of $13.26 billion, a PE ratio of -2.28 and a beta of 2.07. The firm has a 50-day moving average price of $15.01 and a 200 day moving average price of $12.25. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RIVN. Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Canaccord Genuity Group upped their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Finally, Morgan Stanley raised their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $18.14.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 488,926 shares of company stock valued at $7,552,869. Corporate insiders own 2.30% of the company’s stock.

About Rivian Automotive

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.