Amalgamated Bank Trims Stock Position in Rivian Automotive, Inc. $RIVN

Amalgamated Bank trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,745 shares of the electric vehicle automaker’s stock after selling 4,963 shares during the quarter. Amalgamated Bank’s holdings in Rivian Automotive were worth $546,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 7.8% during the 1st 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 period. Nuveen LLC acquired a new stake in Rivian Automotive during the first quarter worth $33,582,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Rivian Automotive by 1,726.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,078,062 shares of the electric vehicle automaker’s stock valued at $13,422,000 after purchasing an additional 1,019,038 shares during the period. Point72 Europe London LLP purchased a new stake in Rivian Automotive in the first quarter valued at $10,204,000. Finally, Northern Trust Corp lifted its stake in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after purchasing an additional 809,064 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Up 0.1%

Shares of NASDAQ:RIVN opened at $15.23 on Friday. The firm has a market capitalization of $18.48 billion, a PE ratio of -4.90 and a beta of 1.81. Rivian Automotive, Inc. has a 1 year low of $9.55 and a 1 year high of $17.15. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.72. The firm’s 50-day moving average is $13.90 and its two-hundred day moving average is $13.67.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS 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 business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted ($1.08) earnings per share. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RIVN shares. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Zacks Research lowered shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Finally, Wedbush lowered their price objective 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, fourteen have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $13.75.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction 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 transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,147 shares of company stock valued at $577,593 in the last three months. 2.16% of the stock is currently owned by corporate insiders.

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.