356,540 Rivian Automotive, Inc. $RIVN Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group increased its Rivian stake 22.1%, buying 356,540 shares in the third quarter to hold about 1.97 million shares, valued at $29.4 million. Institutional investors collectively own 66.25% of the stock.
• Rivian reported a quarterly loss of $0.48 per share, narrower than analysts’ expected $0.64 loss, while revenue of $2.15 billion exceeded estimates and rose 38.3% year over year.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $19.50. Shares opened at $13.29, below their 50-day and 200-day moving averages.

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 22.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,970,637 shares of the electric vehicle automaker's stock after acquiring an additional 356,540 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.14% of Rivian Automotive worth $29,441,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RIVN. Bank of New York Mellon Corp purchased a new stake in Rivian Automotive in the 2nd quarter worth $49,915,000. Hsbc Holdings PLC grew its position in shares of Rivian Automotive by 55.8% during the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker's stock valued at $46,625,000 after purchasing an additional 1,109,171 shares in the last quarter. Andra AP fonden purchased a new position in shares of Rivian Automotive during the second quarter valued at about $6,923,000. Quantinno Capital Management LP increased its holdings in shares of Rivian Automotive by 126.4% in the first quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker's stock worth $7,103,000 after purchasing an additional 263,478 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Rivian Automotive in the second quarter worth about $4,189,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $13.29 on Friday. The firm's 50-day moving average price is $14.27 and its 200-day moving average price is $15.42. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.70 and a current ratio of 2.18. Rivian Automotive, Inc. has a 12-month low of $11.38 and a 12-month high of $22.69.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.64) by $0.16. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2 billion. Rivian Automotive had a negative net margin of 45.88% and a negative return on equity of 69.68%. The firm's revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.08) EPS. On average, equities research analysts expect that Rivian Automotive, Inc. will post -2.72 EPS for the current year.

Insider Buying and Selling

In other news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 819,178 shares in the company, valued at approximately $13,106,848. The trade was a 0.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the insider directly owned 1,001,776 shares in the company, valued at approximately $15,026,640. This represents a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 51,167 shares of company stock worth $788,306. Company insiders own 1.48% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RIVN shares. TD Cowen boosted their target price on Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the company a "sector perform" rating in a report on Friday, July 31st. Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "underweight" rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rivian Automotive in a report on Friday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a "buy" rating to an "underperform" rating in a research report on Tuesday, August 4th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $19.50.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: UBS Group upgraded its rating on Rivian, a potentially supportive analyst signal. Rivian Automotive Stock Rating Upgraded by UBS Group
• Positive Sentiment: The R2 has received recognition from Top Gear and MotorTrend. Coverage also points to a planned European launch as a potential growth opportunity, though awards do not guarantee sales success. Rivian's R2 Is Winning More Than Trophies and Fans
• Neutral Sentiment: Rivian was among EV stocks lifted in the prior session after the midterm elections, but reports attributed the move to a broader market rally rather than company-specific news. That rally may offer limited support if sentiment shifts. Rivian Gains as Markets Rally After Midterms
• Neutral Sentiment: Rivian is drawing elevated investor attention, according to Zacks, but the article summary provides no new forecast or fundamental catalyst. Rivian Is a Trending Stock

About Rivian Automotive

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian's consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.

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