Renaissance Technologies LLC Buys 3,285,867 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Renaissance Technologies LLC raised its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 153.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,430,500 shares of the electric vehicle automaker’s stock after acquiring an additional 3,285,867 shares during the period. Renaissance Technologies LLC owned approximately 0.55% of Rivian Automotive worth $72,877,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RIVN. Principal Securities Inc. bought a new position in Rivian Automotive during the 4th quarter valued at about $33,000. Jump Financial LLC bought a new position in shares of Rivian Automotive in the 4th quarter worth approximately $401,000. Dimensional Fund Advisors LP lifted its stake in shares of Rivian Automotive by 11.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,691,417 shares of the electric vehicle automaker’s stock worth $86,603,000 after purchasing an additional 392,999 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Rivian Automotive in the 4th quarter worth approximately $6,106,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Rivian Automotive by 0.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 143,459 shares of the electric vehicle automaker’s stock worth $3,366,000 after purchasing an additional 908 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 2.2 %

RIVN opened at $13.20 on Tuesday. The firm has a 50-day simple moving average of $14.85 and a two-hundred day simple moving average of $12.29. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.87. The company has a market capitalization of $13.31 billion, a PE ratio of -2.29 and a beta of 2.06. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Analysts forecast that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,830 shares of company stock valued at $7,872,145. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RIVN shares. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. Needham & Company LLC decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Finally, Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.09.

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.