Connor Clark & Lunn Investment Management Ltd. Purchases 8,187 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 16.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,024 shares of the electric vehicle automaker’s stock after purchasing an additional 8,187 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rivian Automotive were worth $785,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after buying an additional 133,781 shares during the period. Swiss National Bank increased its holdings in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after buying an additional 45,200 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $9,432,000. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Rivian Automotive by 17.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock worth $6,613,000 after buying an additional 86,433 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Performance

Shares of RIVN opened at $11.60 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average price is $12.41 and its 200-day moving average price is $12.17. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The stock has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several analyst reports. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Guggenheim reduced their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Finally, TD Cowen began coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.38.

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.