Edgestream Partners L.P. Invests $1.15 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Edgestream Partners L.P. purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 85,343 shares of the electric vehicle automaker’s stock, valued at approximately $1,145,000.

Several other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. grew its position in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of Rivian Automotive by 30.7% during the second 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 last quarter. Laidlaw Wealth Management LLC grew its position in shares of Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the last quarter. GAMMA Investing LLC grew its position 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 worth $47,000 after acquiring an additional 760 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Rivian Automotive by 18.3% during the fourth quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock worth $122,000 after acquiring an additional 802 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

RIVN stock opened at $11.71 on Friday. 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, Inc. has a one year low of $8.26 and a one year high of $24.87. The firm has a market capitalization of $11.66 billion, a PE ratio of -2.03 and a beta of 2.06. The firm has a 50-day moving average of $14.48 and a two-hundred day moving average of $12.33.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, analysts forecast that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. Morgan Stanley upped their price target on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Mizuho increased their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Truist Financial increased their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, Barclays increased their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. One 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.09.

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 sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction 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 $16,374,438. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,830 shares of company stock valued at $7,872,145. 2.30% of the stock is currently owned by corporate insiders.

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.