Hodges Capital Management Inc. Purchases New Position in Rivian Automotive, Inc. $RIVN

Hodges Capital Management Inc. acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 15,000 shares of the electric vehicle automaker’s stock, valued at approximately $206,000.

Several other large investors have also recently modified their holdings of RIVN. Assetmark Inc. boosted its stake in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,357 shares during the period. Banque Transatlantique SA raised its stake in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the period. Fairman Group LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter worth about $31,000. WPG Advisers LLC purchased a new position in shares of Rivian Automotive during the first quarter worth approximately $34,000. Finally, PFS Partners LLC raised its stake in shares of Rivian Automotive by 50.5% during the second quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock valued at $41,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 7.7%

Shares of NASDAQ:RIVN opened at $16.41 on Tuesday. The firm has a market capitalization of $19.91 billion, a price-to-earnings ratio of -5.28 and a beta of 1.81. The business’s 50 day moving average price is $13.96 and its 200-day moving average price is $13.73. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive, Inc. has a 1 year low of $9.55 and a 1 year high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.02. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm’s quarterly revenue was up 78.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.08) EPS. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 42,147 shares of company stock worth $577,593 over the last three months. Corporate insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of research analyst reports. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Finally, Mizuho restated an “underperform” rating and set a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $13.75.

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.