Rivian Automotive, Inc. $RIVN Stock: Sumitomo Mitsui Trust Group Inc. Raises Stake

Sumitomo Mitsui Trust Group Inc. raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 22.1% during the third quarter, HoldingsChannel.com reports. The firm owned 1,970,637 shares of the electric vehicle automaker’s stock after purchasing an additional 356,540 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Rivian Automotive were worth $29,441,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Rivian Automotive by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock valued at $111,896,000 after buying an additional 25,382 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after buying an additional 1,109,171 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Rivian Automotive in the second quarter worth approximately $49,915,000. Swiss National Bank lifted its stake in shares of Rivian Automotive by 8.2% during the 1st quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock worth $35,082,000 after acquiring an additional 176,500 shares during the last quarter. Finally, Mizuho Markets Americas LLC lifted its stake in shares of Rivian Automotive by 16.1% during the 1st quarter. Mizuho Markets Americas LLC now owns 683,024 shares of the electric vehicle automaker’s stock worth $10,280,000 after acquiring an additional 94,840 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $13.29 on Friday. The firm’s 50 day simple moving average is $14.27 and its 200-day simple moving average is $15.42. The company has a quick ratio of 1.70, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. Rivian Automotive, Inc. has a one year low of $11.38 and a one year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2 billion. During the same quarter in the previous year, the business earned ($1.08) earnings per share. Rivian Automotive’s quarterly revenue was up 38.3% on a year-over-year basis. Analysts forecast that Rivian Automotive, Inc. will post -2.72 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire McDonough sold 8,023 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 819,178 shares in the company, valued at approximately $13,106,848. This represents a 0.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the sale, the insider owned 1,001,776 shares of the company’s stock, valued at $15,026,640. This represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is currently owned by corporate insiders.

Key Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: UBS Group upgraded its rating on Rivian, a potentially supportive analyst signal. Rivian Automotive Stock Rating Upgraded by UBS Group
• Positive Sentiment: The R2 has received recognition from Top Gear and MotorTrend. Coverage also points to a planned European launch as a potential growth opportunity, though awards do not guarantee sales success. Rivian’s R2 Is Winning More Than Trophies and Fans
• Neutral Sentiment: Rivian was among EV stocks lifted in the prior session after the midterm elections, but reports attributed the move to a broader market rally rather than company-specific news. That rally may offer limited support if sentiment shifts. Rivian Gains as Markets Rally After Midterms
• Neutral Sentiment: Rivian is drawing elevated investor attention, according to Zacks, but the article summary provides no new forecast or fundamental catalyst. Rivian Is a Trending Stock

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RIVN shares. TD Cowen boosted their price objective on Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, July 31st. Jefferies Financial Group upgraded Rivian Automotive from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research note on Friday, October 30th. Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday, August 4th. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Monday, July 27th. Finally, Royal Bank Of Canada upped their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Fifteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Rivian Automotive Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian’s consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.