Rivian Automotive, Inc. $RIVN Stock Position Boosted by Edgestream Partners L.P.

Edgestream Partners L.P. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 90.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 340,163 shares of the electric vehicle automaker’s stock after buying an additional 161,183 shares during the quarter. Edgestream Partners L.P.’s holdings in Rivian Automotive were worth $4,674,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 15.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after purchasing an additional 799,030 shares in the last quarter. Caisse Des Depots ET Consignations acquired a new stake in shares of Rivian Automotive in the first quarter valued at $2,807,000. XTX Topco Ltd acquired a new stake in shares of Rivian Automotive in the second quarter valued at $1,324,000. Ethos Financial Group LLC bought a new position in Rivian Automotive during the first quarter valued at about $311,000. Finally, Tableaux LLC acquired a new position in Rivian Automotive during the second quarter worth about $3,435,000. 66.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. DA Davidson lifted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Morgan Stanley reduced their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Up 0.4%

RIVN stock opened at $17.23 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market capitalization of $21.12 billion, a P/E ratio of -5.54 and a beta of 1.79. Rivian Automotive, Inc. has a 52-week low of $10.36 and a 52-week high of $18.13. The company’s 50 day simple moving average is $14.52 and its 200-day simple moving average is $13.96.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $15.11, for a total transaction of $263,669.50. Following the transaction, the chief executive officer owned 1,185,009 shares in the company, valued at approximately $17,905,485.99. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 104,700 shares of company stock worth $1,621,280. 2.16% of the stock is owned by insiders.

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.