Connor Clark & Lunn Investment Management Ltd. Has $30.18 Million Stake in Rivian Automotive, Inc. $RIVN

Connor Clark & Lunn Investment Management Ltd. increased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 103.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,196,703 shares of the electric vehicle automaker’s stock after purchasing an additional 1,118,641 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.19% of Rivian Automotive worth $30,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospera Financial Services Inc acquired a new position in shares of Rivian Automotive during the second quarter worth about $206,000. Achmea Investment Management B.V. acquired a new position in Rivian Automotive during the 2nd quarter worth approximately $6,520,000. Resona Asset Management Co. Ltd. grew its stake in shares of Rivian Automotive by 7.9% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 254,223 shares of the electric vehicle automaker’s stock worth $3,489,000 after acquiring an additional 18,652 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Rivian Automotive in the second quarter valued at approximately $54,000. Finally, Asahi Life Asset Management CO. LTD. bought a new stake in shares of Rivian Automotive in the second quarter worth $330,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RIVN shares. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Zacks Research cut shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Guggenheim cut Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $13.75.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $15.23 on Monday. Rivian Automotive, Inc. has a 52 week low of $9.55 and a 52 week high of $17.15. The company has a market capitalization of $18.48 billion, a price-to-earnings ratio of -4.90 and a beta of 1.82. The company has a 50-day simple moving average of $13.90 and a 200 day simple moving average of $13.70. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business posted ($1.08) earnings per share. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share 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.