Bank of New York Mellon Corp Lowers Stake in Rivian Automotive, Inc. $RIVN

Bank of New York Mellon Corp lowered its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 6.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,815,982 shares of the electric vehicle automaker's stock after selling 180,720 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of Rivian Automotive worth $42,381,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in RIVN. Brighton Jones LLC grew its stake in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC raised its position in Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker's stock valued at $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC boosted its stake in Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker's stock worth $679,000 after buying an additional 4,998 shares during the period. Focus Partners Wealth boosted its position in shares of Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock valued at $803,000 after buying an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after purchasing an additional 1,856 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on RIVN. Morgan Stanley upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 14th. UBS Group boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $22.00 price target on shares of Rivian Automotive in a research report on Monday, April 6th. DA Davidson raised their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Rivian Automotive in a research report on Monday, June 15th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $18.86.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $15.84 on Friday. The firm has a market capitalization of $21.56 billion, a price-to-earnings ratio of -5.42 and a beta of 1.60. Rivian Automotive, Inc. has a 1-year low of $11.57 and a 1-year high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The company's 50-day moving average is $16.32 and its two-hundred day moving average is $16.00.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, beating analysts' consensus estimates of ($0.60) by $0.05. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.48) earnings per share. Analysts forecast that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the company's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 68,385 shares of company stock valued at $1,125,094. 1.48% of the stock is currently owned by company insiders.

More Rivian Automotive News

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

• Positive Sentiment: Rivian filed a lawsuit seeking a full refund of tariffs it paid under Trump-era import taxes, which could return tens of millions of dollars to the company if successful and provide a direct boost to cash flow. Rivian sues the US government for ‘full refund' of Trump tariffs
• Positive Sentiment: Investor attention is also focusing on Rivian’s improving relative performance versus peers, with the stock benefiting from a broader rotation away from Tesla and toward EV names like Rivian. Tesla Sinks 18% in a Month as Lucid Climbs 21%, Rivian Gains 9%: SpaceX Anxiety or Cracks Under the Hood?
• Neutral Sentiment: Rivian remains in focus ahead of its June-quarter earnings report on July 30, with analysts debating whether the company can deliver a better-than-expected result after a volatile year-to-date performance. Rivian Automotive (RIVN) As June Quarter Results Near Fair Value Stays In Focus
• Neutral Sentiment: Rivian is also being viewed as having a relatively weak setup for an earnings beat, which adds uncertainty but does not by itself confirm a major near-term catalyst. Rivian Automotive (RIVN) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
• Negative Sentiment: News that Volkswagen engineers were charged with insider trading tied to the Rivian joint venture may create some headline risk around the partnership, even though the allegations are aimed at individuals rather than Rivian itself. Volkswagen engineers charged with insider trading tied to Rivian joint venture

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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