Sumitomo Mitsui Trust Group Inc. Has $21.14 Million Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,697,733 shares of the electric vehicle automaker’s stock after selling 5,729 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.15% of Rivian Automotive worth $21,137,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the period. Oppenheimer & Co. Inc. lifted its stake in Rivian Automotive by 4.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after buying an additional 1,160 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $487,000. SRS Capital Advisors Inc. increased its holdings in shares of Rivian Automotive by 309.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 8,352 shares of the electric vehicle automaker’s stock worth $111,000 after acquiring an additional 6,312 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in shares of Rivian Automotive by 91.1% in the fourth quarter. Jones Financial Companies Lllp now owns 25,202 shares of the electric vehicle automaker’s stock worth $335,000 after acquiring an additional 12,014 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Piper Sandler increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, May 22nd. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a report on Sunday, June 22nd. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Finally, Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Performance

RIVN opened at $13.09 on Friday. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $18.86. The stock has a market cap of $14.80 billion, a price-to-earnings ratio of -3.52 and a beta of 1.81. The business has a 50 day moving average of $14.23 and a 200-day moving average of $13.14. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. During the same period last year, the firm posted ($1.48) earnings per share. The business’s revenue was up 3.0% on a year-over-year basis. On average, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares of the company’s stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer directly owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 312,836 shares of company stock valued at $4,357,459. Insiders own 2.16% of the company’s stock.

Rivian Automotive Company Profile

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.