D1 Capital Partners L.P. Sells 5,765,258 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

D1 Capital Partners L.P. reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 98.3% during the second quarter, HoldingsChannel.com reports. The fund owned 101,056 shares of the electric vehicle automaker’s stock after selling 5,765,258 shares during the quarter. D1 Capital Partners L.P.’s holdings in Rivian Automotive were worth $1,356,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. increased its holdings in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after acquiring an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction 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 $5,328,423.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 500,830 shares of company stock worth $7,872,145 in the last three months. 2.30% of the stock is owned by corporate insiders.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $11.71 on Monday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The stock has a market cap of $11.66 billion, a price-to-earnings ratio of -2.03 and a beta of 2.06. The stock’s 50 day simple moving average is $14.48 and its two-hundred day simple moving average is $12.35. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RIVN. Truist Financial boosted their price target 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. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Mizuho boosted their price objective on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Morgan Stanley boosted their price target on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.09.

Rivian Automotive Company 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.