Neo Ivy Capital Management Acquires New Shares in Rivian Automotive, Inc. (NASDAQ:RIVN)

Neo Ivy Capital Management acquired a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the third quarter, according to its most recent filing with the SEC. The fund acquired 127,404 shares of the electric vehicle automaker’s stock, valued at approximately $1,430,000.

Other hedge funds have also bought and sold shares of the company. Comerica Bank grew its position in shares of Rivian Automotive by 60.8% during the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock valued at $251,000 after purchasing an additional 8,653 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Rivian Automotive by 151.5% during the 1st quarter. Cetera Investment Advisers now owns 192,138 shares of the electric vehicle automaker’s stock valued at $2,104,000 after purchasing an additional 115,741 shares in the last quarter. CWM LLC grew its position in shares of Rivian Automotive by 75.6% during the 2nd quarter. CWM LLC now owns 39,882 shares of the electric vehicle automaker’s stock valued at $535,000 after purchasing an additional 17,174 shares in the last quarter. Wedmont Private Capital purchased a new position in shares of Rivian Automotive during the 2nd quarter valued at $199,000. Finally, ORG Partners LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter valued at $197,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 261,307 shares of company stock valued at $3,178,479. Insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $14.06 on Wednesday. The company has a market cap of $14.35 billion, a price-to-earnings ratio of -2.51 and a beta of 2.12. The company has a 50-day moving average price of $10.87 and a 200-day moving average price of $12.60. 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, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RIVN. Robert W. Baird reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Finally, Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $15.83.

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.