Elequin Capital LP Makes New $49,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Elequin Capital LP bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 3,673 shares of the electric vehicle automaker’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors have also modified their holdings of RIVN. Capital International Investors acquired a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $123,308,000. Northern Trust Corp increased its stake in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $29,944,000. Finally, Groupama Asset Managment acquired a new stake in Rivian Automotive during the fourth quarter valued at $26,600,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RIVN. Cowen started coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Mizuho increased their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Benchmark reiterated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.24.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares in the company, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock valued at $5,201,750 over the last three months. 2.16% of the stock is owned by corporate insiders.

Rivian Automotive Trading Down 3.4%

Shares of RIVN stock opened at $16.34 on Thursday. The firm has a market capitalization of $18.48 billion, a P/E ratio of -3.46 and a beta of 1.86. Rivian Automotive, Inc. has a 1 year low of $9.50 and a 1 year high of $18.86. The firm’s fifty day simple moving average is $12.73 and its 200 day simple moving average is $12.63. 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) last posted its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.48) EPS. As a group, sell-side 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.