Aigen Investment Management LP Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aigen Investment Management LP purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 44,646 shares of the electric vehicle automaker’s stock, valued at approximately $501,000.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares during the last quarter. abrdn plc boosted its holdings in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after acquiring an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.51% of the stock is owned by company insiders.

Rivian Automotive Price Performance

RIVN stock opened at $10.31 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The company’s 50-day moving average is $11.15 and its 200-day moving average is $12.38. The stock has a market capitalization of $10.40 billion, a PE ratio of -1.84 and a beta of 2.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Truist Financial lowered their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.73.

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.