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

Bank of New York Mellon Corp raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 218.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,841,340 shares of the electric vehicle automaker’s stock after acquiring an additional 1,263,501 shares during the quarter. Bank of New York Mellon Corp owned 0.20% of Rivian Automotive worth $60,598,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Seeyond purchased a new position in Rivian Automotive in the 2nd quarter valued at approximately $27,000. CNB Bank purchased a new position in shares of Rivian Automotive in the second quarter valued at $29,000. SeaCrest Wealth Management LLC acquired a new position in shares of Rivian Automotive during the 2nd quarter worth $31,000. Quadrant Capital Group LLC boosted its position in shares of Rivian Automotive by 97.8% in the 3rd quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 484 shares in the last quarter. Finally, Salem Investment Counselors Inc. grew its stake 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 valued at $32,000 after acquiring an additional 585 shares during the last quarter. 67.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on RIVN shares. Mizuho reduced their price target on shares of Rivian Automotive from $37.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday. Needham & Company LLC initiated coverage on Rivian Automotive in a report on Wednesday, March 1st. They set a “buy” rating and a $26.00 target price on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on Rivian Automotive from $43.00 to $28.00 in a research report on Thursday, January 19th. DA Davidson reduced their price objective on Rivian Automotive from $23.00 to $16.00 in a research report on Wednesday, March 1st. Finally, The Goldman Sachs Group dropped their price objective on Rivian Automotive from $41.00 to $19.00 in a research report on Tuesday, January 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.43.

Insider Buying and Selling

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

Rivian Automotive Stock Down 4.0 %

Shares of NASDAQ RIVN opened at $14.53 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.42 and a quick ratio of 4.86. The firm has a fifty day moving average of $18.04 and a 200-day moving average of $26.55. Rivian Automotive, Inc. has a 52-week low of $14.21 and a 52-week high of $56.76.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.89) by $0.16. The firm had revenue of $663.00 million during the quarter, compared to the consensus estimate of $729.47 million. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The firm’s quarterly revenue was up 1127.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($2.43) earnings per share. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -5.37 EPS for the current year.

About Rivian Automotive

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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 Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.