Edgestream Partners L.P. Invests $3.72 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Edgestream Partners L.P. acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 279,598 shares of the electric vehicle automaker’s stock, valued at approximately $3,719,000.

Other hedge funds also recently made changes to their positions in the company. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the fourth quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter worth approximately $28,000. Hantz Financial Services Inc. increased its position in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Bear Mountain Capital Inc. increased its position in shares of Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after acquiring an additional 1,932 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RIVN shares. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC lifted their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.73.

Rivian Automotive Stock Up 1.3 %

RIVN opened at $11.17 on Friday. The firm’s 50-day simple moving average is $13.06 and its 200-day simple moving average is $12.36. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86. The firm has a market cap of $12.63 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03.

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

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock worth $3,988,140 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

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.