Bank of New York Mellon Corp Decreases Position in Rivian Automotive, Inc. $RIVN

Bank of New York Mellon Corp decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,795,651 shares of the electric vehicle automaker’s stock after selling 403,523 shares during the quarter. Bank of New York Mellon Corp owned about 0.25% of Rivian Automotive worth $38,412,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Nuveen LLC acquired a new stake in Rivian Automotive in the 1st quarter worth approximately $33,582,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Rivian Automotive by 1,726.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock worth $13,422,000 after purchasing an additional 1,019,038 shares during the last quarter. Point72 Europe London LLP acquired a new position in Rivian Automotive during the 1st quarter valued at approximately $10,204,000. Finally, Northern Trust Corp raised its holdings in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after buying an additional 809,064 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 2.8%

Shares of NASDAQ:RIVN opened at $17.52 on Thursday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. Rivian Automotive, Inc. has a 12-month low of $9.55 and a 12-month high of $18.13. The business has a 50 day moving average of $14.10 and a two-hundred day moving average of $13.79. The company has a market capitalization of $21.26 billion, a PE ratio of -5.63 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the firm earned ($1.08) EPS. The business’s quarterly revenue was up 78.3% on a year-over-year basis. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RIVN. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday. DA Davidson upped their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Wedbush reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $13.81.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 42,147 shares of company stock worth $577,593. Corporate insiders own 2.16% of the company’s stock.

Rivian Automotive 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.