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

Edgestream Partners L.P. bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 279,598 shares of the electric vehicle automaker's stock, valued at approximately $3,719,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. John G Ullman & Associates Inc. lifted its position in Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after acquiring an additional 1,000 shares in the last quarter. RFG Holdings Inc. boosted its stake in shares of Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after purchasing an additional 1,096 shares during the period. Oppenheimer & Co. Inc. increased its stake in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after buying an additional 1,160 shares during the period. Freestone Capital Holdings LLC increased its stake in Rivian Automotive by 4.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock worth $390,000 after buying an additional 1,164 shares during the period. Finally, Tradition Wealth Management LLC lifted its holdings in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock worth $132,000 after buying an additional 1,250 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

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Analyst Ratings Changes

RIVN has been the subject of a number of recent analyst reports. TD Cowen assumed coverage on Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price objective for the company. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Robert W. Baird reissued a "neutral" rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $14.73.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock worth $3,988,140 in the last quarter. 2.51% of the stock is owned by company insiders.

Rivian Automotive Trading Up 2.5 %

NASDAQ:RIVN traded up $0.27 during midday trading on Wednesday, reaching $11.06. 22,027,171 shares of the stock traded hands, compared to its average volume of 37,313,756. The company has a fifty day moving average of $12.96 and a 200 day moving average of $12.32. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $18.86. The stock has a market capitalization of $12.51 billion, a P/E ratio of -2.34 and a beta of 2.03. 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 (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 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.