Highbridge Capital Management LLC Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Highbridge Capital Management LLC purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 80,500 shares of the electric vehicle automaker's stock, valued at approximately $1,071,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Quest Partners LLC lifted its position in shares of Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker's stock worth $156,000 after purchasing an additional 7,273 shares during the last quarter. Pathstone Holdings LLC lifted its holdings in Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker's stock valued at $1,327,000 after buying an additional 9,187 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rivian Automotive during the 3rd quarter valued at about $570,000. Advisors Asset Management Inc. boosted its position in Rivian Automotive by 19.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker's stock valued at $462,000 after buying an additional 6,620 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. 66.25% of the stock is owned by institutional investors.

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Rivian Automotive Stock Performance

NASDAQ RIVN traded down $0.61 on Friday, hitting $12.41. 35,888,898 shares of the company's stock traded hands, compared to its average volume of 37,127,458. The firm has a market capitalization of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.86. The firm's 50-day moving average price is $12.26 and its two-hundred day moving average price is $12.13. 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 (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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%. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,588,475 over the last ninety days. Company insiders own 2.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Robert W. Baird reiterated a "neutral" rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Guggenheim dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 24th. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 target price on the stock. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average target price of $14.38.

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.