Formidable Asset Management LLC Invests $474,000 in Rivian Automotive, Inc. $RIVN

Formidable Asset Management LLC purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 31,494 shares of the electric vehicle automaker’s stock, valued at approximately $474,000.

Several other large investors have also recently added to or reduced their stakes in RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $220,323,000. Renaissance Technologies LLC boosted its position in shares of Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares during the period. Capital International Investors grew its stake in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Rivian Automotive by 1,353.6% in the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after acquiring an additional 1,916,686 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 18th. Bank of America began coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price on the stock. Tigress Financial reaffirmed a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. TD Cowen reaffirmed a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Finally, DA Davidson lifted their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.57.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 80,076 shares of company stock valued at $1,256,286. 1.48% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

RIVN stock opened at $16.81 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. Rivian Automotive, Inc. has a 12 month low of $11.57 and a 12 month high of $22.69. The firm has a market cap of $20.86 billion, a P/E ratio of -5.76 and a beta of 1.62. The company’s 50-day moving average price is $15.59 and its two-hundred day moving average price is $16.27.

Rivian Automotive Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.