Quinn Opportunity Partners LLC Boosts Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Quinn Opportunity Partners LLC lifted its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 4,042.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,242,641 shares of the electric vehicle automaker's stock after purchasing an additional 1,212,641 shares during the quarter. Rivian Automotive comprises approximately 1.1% of Quinn Opportunity Partners LLC's holdings, making the stock its 20th largest position. Quinn Opportunity Partners LLC owned 0.12% of Rivian Automotive worth $16,527,000 as of its most recent SEC filing.

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

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Analyst Ratings Changes

A number of equities analysts have recently commented on RIVN shares. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Baird R W cut Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Finally, Guggenheim 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 report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $14.17.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. This trade represents a 3.97 % 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 $2,237,044 over the last 90 days. 2.51% of the stock is owned by insiders.

Rivian Automotive Stock Down 1.0 %

Shares of RIVN stock traded down $0.12 on Tuesday, hitting $11.91. 8,032,682 shares of the stock were exchanged, compared to its average volume of 36,865,309. The firm has a market capitalization of $13.47 billion, a P/E ratio of -2.52 and a beta of 1.89. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The business has a 50-day moving average of $11.97 and a 200 day moving average of $12.06. 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 released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.43 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.