Connor Clark & Lunn Investment Management Ltd. Purchases 8,187 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 16.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,024 shares of the electric vehicle automaker’s stock after buying an additional 8,187 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rivian Automotive were worth $785,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tandem Financial LLC acquired a new position in Rivian Automotive during the 4th quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the 3rd quarter worth about $28,000. Bear Mountain Capital Inc. lifted its holdings in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after buying an additional 1,932 shares during the period. Finally, Hantz Financial Services Inc. lifted its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 6.6 %

NASDAQ:RIVN opened at $11.60 on Friday. The company has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. The stock’s fifty day moving average price is $12.41 and its two-hundred day moving average price is $12.17. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,735,619. Company insiders own 2.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Truist Financial boosted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Benchmark reissued a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday. UBS Group boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.38.

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.