Hussman Strategic Advisors Inc. Decreases Position in Rivian Automotive, Inc. $RIVN

Hussman Strategic Advisors Inc. reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 147,000 shares of the electric vehicle automaker’s stock after selling 21,000 shares during the period. Hussman Strategic Advisors Inc.’s holdings in Rivian Automotive were worth $2,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Nuveen LLC acquired a new position in shares of Rivian Automotive during the first quarter worth $33,582,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rivian Automotive by 1,726.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after purchasing an additional 1,019,038 shares during the period. Point72 Europe London LLP purchased a new position in shares of Rivian Automotive in the first quarter valued at $10,204,000. Finally, Northern Trust Corp grew its holdings in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after purchasing an additional 809,064 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RIVN shares. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their price target on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Guggenheim downgraded Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Morgan Stanley dropped their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Friday, October 3rd. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $13.76.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, 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. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is currently owned by corporate insiders.

Rivian Automotive Trading Down 2.8%

Shares of NASDAQ RIVN opened at $13.19 on Tuesday. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average price is $13.81 and its two-hundred day moving average price is $13.61. Rivian Automotive, Inc. has a 52-week low of $9.50 and a 52-week high of $17.15. The stock has a market capitalization of $16.01 billion, a P/E ratio of -4.08 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.46) earnings per share. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

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.