Pilgrim Partners Asia Pte Ltd Takes $117,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 8,800 shares of the electric vehicle automaker’s stock, valued at approximately $117,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Tandem Financial LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the third quarter valued at about $28,000. Bear Mountain Capital Inc. grew its position in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the period. Finally, AllSquare Wealth Management LLC increased its stake in shares of Rivian Automotive by 8,794.1% during the 4th quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 2,990 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. Insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $11.21 on Friday. The firm has a market capitalization of $12.68 billion, a PE ratio of -2.37 and a beta of 2.03. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The business’s 50-day moving average price is $12.17 and its 200-day moving average price is $12.10.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

RIVN has been the topic of several research analyst reports. Truist Financial upped their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim cut 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 report on Monday, February 24th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target on the stock. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.38.

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.