HITE Hedge Asset Management LLC Buys New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

HITE Hedge Asset Management LLC purchased a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 305,626 shares of the electric vehicle automaker’s stock, valued at approximately $4,102,000.

Other institutional investors and hedge funds 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 second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. boosted its holdings in Rivian Automotive by 30.7% in the 2nd 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 grew its position in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after acquiring an additional 718 shares in the last quarter. GAMMA Investing LLC raised its stake 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 valued at $47,000 after purchasing an additional 760 shares during the period. Finally, Certuity LLC lifted its position in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RIVN shares. DA Davidson upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Needham & Company LLC lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Mizuho upped their target price on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Monday. Finally, Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $11.84 on Wednesday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $24.87. The company has a market cap of $11.94 billion, a PE ratio of -2.05 and a beta of 2.06. The stock has a 50 day simple moving average of $14.25 and a 200-day simple moving average of $12.33. 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 (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). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 200,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The stock was 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 directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 429,401 shares of company stock valued at $7,068,569. Company insiders own 2.30% of the company’s stock.

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.