Renaissance Technologies LLC Has $45.32 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Renaissance Technologies LLC trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 45.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,407,500 shares of the electric vehicle automaker's stock after selling 2,854,795 shares during the quarter. Renaissance Technologies LLC owned about 0.33% of Rivian Automotive worth $45,320,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of Rivian Automotive by 6.0% during the third quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock valued at $860,000 after buying an additional 4,338 shares during the last quarter. Captrust Financial Advisors grew its holdings in shares of Rivian Automotive by 19.4% during the 3rd quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock worth $465,000 after purchasing an additional 6,738 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Rivian Automotive by 107.6% in the third quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker's stock valued at $968,000 after purchasing an additional 44,700 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in Rivian Automotive during the third quarter worth $183,000. Finally, EP Wealth Advisors LLC bought a new position in shares of Rivian Automotive during the 3rd quarter worth about $129,000. 66.25% of the stock is currently owned by institutional investors.

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Rivian Automotive Stock Performance

Rivian Automotive stock traded down $0.10 during midday trading on Tuesday, reaching $11.93. 7,044,804 shares of the company's stock were exchanged, compared to its average volume of 36,860,478. The stock's 50-day simple moving average is $11.97 and its 200 day simple moving average is $12.06. The firm has a market cap of $13.49 billion, a price-to-earnings ratio of -2.53 and a beta of 1.89. 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 52 week low of $8.26 and a 52 week high of $18.86.

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 for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock worth $2,237,044. 2.51% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Cowen assumed coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. UBS Group cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Finally, Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target for the company. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $14.17.

About Rivian Automotive

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.