Absolute Gestao de Investimentos Ltda. Invests $201,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

Absolute Gestao de Investimentos Ltda. acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,000 shares of the electric vehicle automaker’s stock, valued at approximately $201,000. Rivian Automotive makes up 0.1% of Absolute Gestao de Investimentos Ltda.’s investment portfolio, making the stock its 29th largest position.

Other institutional investors also recently bought and sold shares of the company. Alight Capital Management LP purchased a new stake in Rivian Automotive in the second quarter worth about $671,000. Point72 Europe London LLP bought a new position in shares of Rivian Automotive during the 2nd quarter valued at approximately $2,944,000. Toronto Dominion Bank increased its holdings in Rivian Automotive by 8.8% in the 2nd quarter. Toronto Dominion Bank now owns 68,885 shares of the electric vehicle automaker’s stock worth $924,000 after acquiring an additional 5,550 shares in the last quarter. HITE Hedge Asset Management LLC bought a new stake in Rivian Automotive during the 2nd quarter worth approximately $4,102,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Rivian Automotive by 75.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 139,308 shares of the electric vehicle automaker’s stock valued at $1,870,000 after purchasing an additional 60,026 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s 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 transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold 429,401 shares of company stock worth $7,068,569 over the last quarter. Insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. DA Davidson increased their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Canaccord Genuity Group upped their price objective on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Guggenheim started coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Trading Down 0.6 %

Shares of NASDAQ RIVN opened at $11.84 on Wednesday. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business’s 50 day moving average is $14.25 and its two-hundred day moving average is $12.33. The stock has a market capitalization of $11.94 billion, a P/E ratio of -2.05 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released its 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

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.