Lecap Asset Management Ltd. Makes New $285,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Lecap Asset Management Ltd. bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,148 shares of the electric vehicle automaker’s stock, valued at approximately $285,000.

A number of other hedge funds also recently added to or reduced their stakes in RIVN. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 63,845,364 shares of the electric vehicle automaker’s stock valued at $1,550,165,000 after purchasing an additional 408,677 shares during the last quarter. BlackRock Inc. increased its position in shares of Rivian Automotive by 2.9% in the 1st quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $228,175,000. State Street Corp grew its position in shares of Rivian Automotive by 22.6% in the 2nd quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock valued at $194,998,000 after buying an additional 2,156,922 shares during the last quarter. Finally, Morgan Stanley raised its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 over the last 90 days. Insiders own 2.30% of the company’s stock.

Rivian Automotive Trading Down 8.0 %

Shares of NASDAQ RIVN opened at $8.40 on Tuesday. Rivian Automotive, Inc. has a 12-month low of $8.32 and a 12-month high of $28.06. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average is $12.12 and its two-hundred day moving average is $16.24.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Research analysts anticipate that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Truist Financial reiterated a “hold” rating and set a $11.00 price target on shares of Rivian Automotive in a research note on Friday. Morgan Stanley cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Evercore ISI dropped their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Finally, Mizuho restated a “neutral” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.87.

Rivian Automotive 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.