Mitsubishi UFJ Trust & Banking Corp Reduces Position in Rivian Automotive, Inc. $RIVN

Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,197,388 shares of the electric vehicle automaker’s stock after selling 39,733 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Rivian Automotive were worth $17,578,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after purchasing an additional 799,030 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $1,324,000. Farther Finance Advisors LLC boosted its holdings in shares of Rivian Automotive by 227.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after buying an additional 81,291 shares in the last quarter. Tableaux LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $3,435,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Rivian Automotive by 211.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 265,600 shares of the electric vehicle automaker’s stock valued at $3,899,000 after buying an additional 180,200 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.3%

RIVN opened at $15.75 on Tuesday. Rivian Automotive, Inc. has a 52 week low of $10.36 and a 52 week high of $22.69. The business has a 50 day moving average price of $18.03 and a two-hundred day moving average price of $15.19. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The company has a market cap of $19.31 billion, a PE ratio of -5.06 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company posted ($1.08) earnings per share. The company’s revenue for the quarter was up 78.3% compared to the same quarter last year. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at $566,422.90. The trade was a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total transaction of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 172,504 shares of company stock valued at $3,012,734. 2.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of research reports. Robert W. Baird raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $14.00 to $25.00 in a research report on Thursday, December 18th. Piper Sandler boosted their target price on Rivian Automotive from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. JPMorgan Chase & Co. raised their price target on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Morgan Stanley reissued an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a report on Monday, December 8th. Eight investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.23.

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.