Invenomic Capital Management LP Has $940,000 Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Invenomic Capital Management LP lowered its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,688 shares of the electric vehicle automaker’s stock after selling 11,324 shares during the period. Invenomic Capital Management LP’s holdings in Rivian Automotive were worth $940,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital International Investors acquired a new position in Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $123,308,000. Northern Trust Corp raised its position in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Groupama Asset Managment bought a new position in Rivian Automotive during the 4th quarter worth approximately $26,600,000. Finally, Quinn Opportunity Partners LLC grew its holdings in Rivian Automotive by 4,042.1% during the fourth quarter. Quinn Opportunity Partners LLC now owns 1,242,641 shares of the electric vehicle automaker’s stock valued at $16,527,000 after purchasing an additional 1,212,641 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 4.2%

Shares of Rivian Automotive stock opened at $14.26 on Monday. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $16.12 billion, a P/E ratio of -3.02 and a beta of 1.86. The firm has a 50-day simple moving average of $11.98 and a two-hundred day simple moving average of $12.36.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RIVN. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim restated a “buy” rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Tuesday, May 6th. UBS Group lifted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Finally, Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $13.99.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,427 shares of company stock worth $2,154,905. Company insiders own 2.51% of the company’s stock.

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.