Rivian Automotive, Inc. $RIVN Shares Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 244.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,624,707 shares of the electric vehicle automaker’s stock after acquiring an additional 1,152,551 shares during the quarter. Rivian Automotive accounts for about 0.6% of Y Intercept Hong Kong Ltd’s holdings, making the stock its 8th largest position. Y Intercept Hong Kong Ltd owned 0.13% of Rivian Automotive worth $23,851,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of RIVN. Rakuten Investment Management Inc. acquired a new position in shares of Rivian Automotive in the third quarter valued at $2,929,000. Root Financial Partners LLC bought a new stake in Rivian Automotive in the 3rd quarter valued at $45,000. Mizuho Markets Americas LLC raised its stake in shares of Rivian Automotive by 200.6% in the 3rd quarter. Mizuho Markets Americas LLC now owns 738,534 shares of the electric vehicle automaker’s stock valued at $10,842,000 after buying an additional 492,886 shares in the last quarter. Allstate Corp bought a new position in shares of Rivian Automotive during the 3rd quarter worth about $427,000. Finally, SOL Capital Management CO boosted its position in shares of Rivian Automotive by 7.0% during the 3rd quarter. SOL Capital Management CO now owns 216,419 shares of the electric vehicle automaker’s stock valued at $3,177,000 after acquiring an additional 14,215 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $15.95 on Friday. The business’s fifty day moving average is $18.02 and its two-hundred day moving average is $15.14. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a market cap of $19.55 billion, a P/E ratio of -5.13 and a beta of 1.77. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the business posted ($1.08) earnings per share. The firm’s revenue for the quarter was up 78.3% compared to the same quarter last year. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares in the company, valued at $12,650,279.84. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares in the company, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 172,504 shares of company stock valued at $3,012,734. Insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RIVN shares. Mizuho reissued an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Piper Sandler increased their target price on Rivian Automotive from $14.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Evercore ISI reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. UBS Group reiterated a “sell” rating and issued a $15.00 price target (up from $13.00) on shares of Rivian Automotive in a research report on Wednesday, January 14th. Finally, Wedbush lifted their price objective on Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and eight have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.23.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.