Mizuho Markets Americas LLC Cuts Holdings in Rivian Automotive, Inc. $RIVN

Mizuho Markets Americas LLC trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 20.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 588,184 shares of the electric vehicle automaker’s stock after selling 150,350 shares during the quarter. Mizuho Markets Americas LLC’s holdings in Rivian Automotive were worth $11,593,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Danske Bank A S boosted its stake in Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after purchasing an additional 165,300 shares during the last quarter. Trek Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at $6,115,000. Y Intercept Hong Kong Ltd boosted its stake in Rivian Automotive by 244.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after purchasing an additional 1,152,551 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Rivian Automotive by 36.4% in the 3rd quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock worth $8,769,000 after buying an additional 159,400 shares during the last quarter. Finally, Swedbank AB boosted its stake in shares of Rivian Automotive by 8.6% in the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 21,446 shares of the firm’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total value of $346,781.82. Following the transaction, the chief executive officer directly owned 1,001,138 shares of the company’s stock, valued at approximately $16,188,401.46. This trade represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. This represents a 1.07% 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 sold 92,399 shares of company stock worth $1,443,578. 2.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RIVN shares. Wells Fargo & Company raised their price target on Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Bank of America started coverage on Rivian Automotive in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price target on the stock. Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Stifel Nicolaus raised their price target on Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Finally, BNP Paribas Exane restated an “outperform” rating and issued a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.57.

Rivian Automotive Stock Performance

RIVN stock opened at $14.22 on Friday. Rivian Automotive, Inc. has a 1 year low of $11.57 and a 1 year high of $22.69. The stock’s fifty day moving average price is $15.32 and its 200-day moving average price is $16.28. The company has a market cap of $17.65 billion, a P/E ratio of -4.87 and a beta of 1.64. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Rivian Automotive Company 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.