Longitude Cayman Ltd. Invests $607,000 in Rivian Automotive, Inc. $RIVN

Longitude Cayman Ltd. acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 35,000 shares of the electric vehicle automaker’s stock, valued at approximately $607,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIVN. Parallel Advisors LLC lifted its position in Rivian Automotive by 4.0% during the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after purchasing an additional 613 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Rivian Automotive by 1.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after buying an additional 686 shares in the last quarter. Merit Financial Group LLC increased its position in Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock worth $456,000 after buying an additional 718 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Rivian Automotive by 36.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after buying an additional 739 shares during the period. Finally, Utah Retirement Systems raised its stake in shares of Rivian Automotive by 0.6% in the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after buying an additional 744 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

RIVN stock opened at $16.97 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. Rivian Automotive, Inc. has a 1-year low of $12.16 and a 1-year high of $22.69. The business has a 50 day simple moving average of $16.48 and a two-hundred day simple moving average of $15.82. The company has a market capitalization of $24.57 billion, a price-to-earnings ratio of -6.58 and a beta of 1.61.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.19. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the business posted ($0.97) earnings per share. The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. Research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RIVN. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Royal Bank Of Canada raised their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. UBS Group lifted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. TD Cowen upped their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, BNP Paribas Exane increased their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $18.95.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 13,144 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 84,008 shares of company stock valued at $1,369,594. Corporate insiders own 1.48% of the company’s stock.

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.