Corton Capital Inc. Buys 28,441 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Corton Capital Inc. increased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 116.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 52,964 shares of the electric vehicle automaker’s stock after purchasing an additional 28,441 shares during the period. Rivian Automotive makes up 0.6% of Corton Capital Inc.’s holdings, making the stock its 13th biggest holding. Corton Capital Inc.’s holdings in Rivian Automotive were worth $820,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Commerce Bank acquired a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $160,000. SouthState Corp bought a new position in shares of Rivian Automotive in the 4th quarter valued at $37,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Rivian Automotive by 26.6% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 44,943 shares of the electric vehicle automaker’s stock worth $828,000 after buying an additional 9,439 shares in the last quarter. Oak Thistle LLC acquired a new position in shares of Rivian Automotive during the 1st quarter worth $182,000. Finally, AMF Tjanstepension AB acquired a new stake in Rivian Automotive in the first quarter valued at about $1,495,000. Institutional investors own 62.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on RIVN shares. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $27.00 to $29.00 in a research note on Tuesday, August 1st. Piper Sandler upped their price target on shares of Rivian Automotive from $14.00 to $22.00 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. The Goldman Sachs Group increased their price target on Rivian Automotive from $18.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on Rivian Automotive from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Rivian Automotive in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.10.

Rivian Automotive Trading Up 0.5 %

Shares of Rivian Automotive stock traded up $0.12 on Monday, reaching $23.22. 10,186,724 shares of the company’s stock were exchanged, compared to its average volume of 36,212,445. The company has a market capitalization of $22.02 billion, a P/E ratio of -3.57 and a beta of 2.13. Rivian Automotive, Inc. has a 52 week low of $11.68 and a 52 week high of $40.86. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.71 and a current ratio of 5.66. The firm’s 50-day moving average is $23.41 and its two-hundred day moving average is $17.48.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 8th. The electric vehicle automaker reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.42) by $0.34. Rivian Automotive had a negative net margin of 200.97% and a negative return on equity of 38.91%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the firm earned ($1.89) earnings per share. Rivian Automotive’s revenue was up 208.0% on a year-over-year basis. Sell-side analysts predict that Rivian Automotive, Inc. will post -5.89 EPS for the current fiscal year.

Rivian Automotive Profile

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.