Rivian Automotive, Inc. (NASDAQ:RIVN) Position Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 218.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,841,340 shares of the electric vehicle automaker’s stock after purchasing an additional 1,263,501 shares during the period. Bank of New York Mellon Corp’s holdings in Rivian Automotive were worth $60,598,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in RIVN. Gould Capital LLC lifted its holdings in shares of Rivian Automotive by 175.4% during the 3rd quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 500 shares during the last quarter. Seeyond acquired a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $27,000. CNB Bank acquired a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $29,000. Quadrant Capital Group LLC lifted its holdings in shares of Rivian Automotive by 97.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 484 shares during the last quarter. Finally, Salem Investment Counselors Inc. lifted its holdings in Rivian Automotive by 1,329.5% in the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 585 shares during the last quarter. 67.97% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

RIVN opened at $13.71 on Friday. The stock has a market cap of $12.63 billion, a PE ratio of -1.85 and a beta of 1.83. The company has a current ratio of 5.42, a quick ratio of 4.86 and a debt-to-equity ratio of 0.09. Rivian Automotive, Inc. has a 1 year low of $12.58 and a 1 year high of $56.76. The stock’s 50-day simple moving average is $17.28 and its 200-day simple moving average is $25.24.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The electric vehicle automaker reported earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.89) by $0.16. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The business had revenue of $663.00 million for the quarter, compared to analysts’ expectations of $729.47 million. During the same period in the previous year, the business posted ($2.43) earnings per share. Rivian Automotive’s quarterly revenue was up 1127.8% on a year-over-year basis. Sell-side analysts forecast that Rivian Automotive, Inc. will post -5.46 EPS for the current year.

Analysts Set New Price Targets

RIVN has been the subject of several analyst reports. Royal Bank of Canada reduced their target price on Rivian Automotive from $50.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday, March 1st. Morgan Stanley reduced their target price on Rivian Automotive from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Barclays initiated coverage on Rivian Automotive in a report on Tuesday, February 14th. They issued an “overweight” rating and a $28.00 target price for the company. Needham & Company LLC initiated coverage on Rivian Automotive in a report on Wednesday, March 1st. They issued a “buy” rating and a $26.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Rivian Automotive from $43.00 to $28.00 in a report on Thursday, January 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $32.62.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,090 shares of the company’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total value of $39,689.10. Following the sale, the chief financial officer now directly owns 75,804 shares in the company, valued at $1,439,517.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible via this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,090 shares of the company’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total value of $39,689.10. Following the sale, the chief financial officer now directly owns 75,804 shares in the company, valued at $1,439,517.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible via this hyperlink. Also, CAO Jeff Baker sold 2,331 shares of the company’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the sale, the chief accounting officer now owns 87,000 shares in the company, valued at $1,651,260. The disclosure for this sale can be found here. Company insiders own 2.34% of the company’s stock.

About Rivian Automotive

(Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides a Rivian Commercial Vehicle platform for electric Delivery Vans with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

See Also

Want to see what other hedge funds are holding RIVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating).

Receive News & Ratings for Rivian Automotive Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Rivian Automotive and related companies with MarketBeat.com’s FREE daily email newsletter.