Mountain Hill Investment Partners Corp. Invests $1.36 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mountain Hill Investment Partners Corp. purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 102,500 shares of the electric vehicle automaker’s stock, valued at approximately $1,363,000. Rivian Automotive comprises 1.4% of Mountain Hill Investment Partners Corp.’s investment portfolio, making the stock its 19th largest position.

A number of other hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Rivian Automotive in the fourth quarter worth about $10,448,000. Raymond James Financial Inc. bought a new stake in Rivian Automotive in the fourth quarter valued at about $9,432,000. Alberta Investment Management Corp acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $6,648,000. Finally, Virtu Financial LLC bought a new position in Rivian Automotive during the 3rd quarter worth approximately $4,184,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,744,184 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Barclays boosted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Guggenheim decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $13.00 in a research report on Thursday. Finally, Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Performance

RIVN opened at $11.60 on Monday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. The business has a fifty day simple moving average of $12.41 and a 200-day simple moving average of $12.16. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business 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, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS 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.