Quarry LP Makes New $105,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Quarry LP acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,809 shares of the electric vehicle automaker’s stock, valued at approximately $105,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RIVN. Assenagon Asset Management S.A. boosted its stake in Rivian Automotive by 1.7% during the 2nd 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 last quarter. First Horizon Advisors Inc. grew its holdings in 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 buying an additional 670 shares in the last quarter. GAMMA Investing LLC raised its position in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares during the last quarter. Certuity LLC lifted its stake in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC boosted its holdings in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after acquiring an additional 823 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Down 7.0 %

RIVN stock opened at $10.44 on Wednesday. The stock has a 50-day simple moving average of $13.79 and a two-hundred day simple moving average of $12.32. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.87. The firm has a market capitalization of $10.53 billion, a PE ratio of -1.81 and a beta of 2.06. 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 issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) 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 firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 512,734 shares of company stock valued at $8,038,565. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIVN. Piper Sandler reissued an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. Guggenheim began coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Mizuho boosted their price objective on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $17.91.

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.