Sumitomo Mitsui Trust Group Inc. Has $24.76 Million Stock Holdings in Rivian Automotive, Inc. $RIVN

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 10.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,645,230 shares of the electric vehicle automaker’s stock after selling 188,576 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Rivian Automotive were worth $24,761,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new position in Rivian Automotive in the fourth quarter valued at about $27,000. SOA Wealth Advisors LLC. grew its stake in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive in the third quarter worth about $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $33,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Down 1.0%

NASDAQ RIVN opened at $17.31 on Tuesday. Rivian Automotive, Inc. has a 52 week low of $11.57 and a 52 week high of $22.69. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock’s 50 day moving average price is $15.79 and its two-hundred day moving average price is $16.17. The stock has a market capitalization of $21.48 billion, a price-to-earnings ratio of -5.93 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the company earned ($0.48) earnings per share. The firm’s revenue was up 11.4% compared to the same quarter last year. As a group, analysts anticipate that Rivian Automotive, Inc. will post -3.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Jefferies Financial Group raised their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Tigress Financial reiterated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $18.81.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of Rivian Automotive stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the sale, the chief financial officer owned 946,814 shares in the company, valued at $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 78,630 shares of company stock worth $1,309,504. 1.48% of the stock is owned by insiders.

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.