Highbridge Capital Management LLC Takes $1.07 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Highbridge Capital Management LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 80,500 shares of the electric vehicle automaker’s stock, valued at approximately $1,071,000.

Several other hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after acquiring an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in Rivian Automotive in the fourth quarter valued at about $1,363,000. SG Americas Securities LLC lifted its stake in shares of Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $10,448,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $1,382,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

RIVN opened at $13.02 on Friday. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $14.72 billion, a P/E ratio of -2.76 and a beta of 2.03. The stock has a fifty day moving average of $12.30 and a 200-day moving average of $12.15.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,588,475 in the last quarter. Company insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Truist Financial raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. UBS Group boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Sanford C. Bernstein assumed coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.38.

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.