Aigen Investment Management LP Takes $501,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Aigen Investment Management LP acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,646 shares of the electric vehicle automaker’s stock, valued at approximately $501,000.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC grew its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Certuity LLC increased its stake in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC lifted its position in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after buying an additional 823 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $10.31 on Friday. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $10.40 billion, a price-to-earnings ratio of -1.84 and a beta of 2.04. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The company has a 50-day simple moving average of $11.15 and a two-hundred day simple moving average of $12.38.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Truist Financial decreased their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Wells Fargo & Company cut their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average 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.