Bank of New York Mellon Corp Purchases 89,136 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Bank of New York Mellon Corp grew its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,199,174 shares of the electric vehicle automaker’s stock after acquiring an additional 89,136 shares during the quarter. Bank of New York Mellon Corp owned about 0.28% of Rivian Automotive worth $39,830,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital International Investors bought a new position in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP bought a new position in Rivian Automotive during the 4th quarter worth approximately $29,944,000. Finally, Groupama Asset Managment bought a new position in Rivian Automotive during the 4th quarter worth approximately $26,600,000. Institutional investors own 66.25% of the company’s stock.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,428 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares of the company’s stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 241,407 shares of company stock worth $3,553,883. Company insiders own 2.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. UBS Group lifted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Needham & Company LLC dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Wednesday, May 7th. Jefferies Financial Group reissued a “hold” rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, Guggenheim cut Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Down 2.1%

Shares of NASDAQ RIVN opened at $12.75 on Tuesday. The firm has a market cap of $14.42 billion, a PE ratio of -3.43 and a beta of 1.81. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $18.49. The business has a fifty day simple moving average of $14.19 and a two-hundred day simple moving average of $13.10.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same period in the previous year, the business earned ($1.48) EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. Analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive Company 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.