Sumitomo Mitsui Trust Group Inc. Has $24.76 Million Stake in Rivian Automotive, Inc. $RIVN

Key Points

• Sumitomo Mitsui Trust Group cut its Rivian stake by 10.3% in the first quarter, leaving it with 1.65 million shares valued at about $24.76 million.
• Several other institutional investors adjusted their positions in Rivian as well, and institutions now own 66.25% of the company’s shares.
• Rivian reported quarterly earnings of ($0.55) per share, beating estimates, while revenue rose 11.4% year over year to $1.38 billion; analysts currently rate the stock a consensus “Hold” with a $18.81 target.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 10.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,645,230 shares of the electric vehicle automaker's stock after selling 188,576 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.13% of Rivian Automotive worth $24,761,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Danske Bank A S increased its stake in shares of Rivian Automotive by 36.8% in the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock valued at $12,102,000 after buying an additional 165,300 shares in the last quarter. Trek Financial LLC acquired a new position in Rivian Automotive during the 4th quarter worth about $6,115,000. Swedbank AB lifted its position in Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock worth $18,553,000 after buying an additional 74,322 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Rivian Automotive by 34.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker's stock worth $5,249,000 after acquiring an additional 90,200 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Rivian Automotive during the 4th quarter worth about $4,895,000. 66.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RIVN shares. UBS Group boosted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Cantor Fitzgerald reissued a "neutral" rating on shares of Rivian Automotive in a research note on Monday, June 15th. DA Davidson boosted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 10th. Finally, Wall Street Zen upgraded Rivian Automotive from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $18.81.

Rivian Automotive Stock Down 1.0%

Shares of NASDAQ:RIVN opened at $17.31 on Tuesday. 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 stock has a market cap of $21.48 billion, a price-to-earnings ratio of -5.93 and a beta of 1.60. The company has a 50 day moving average of $15.79 and a 200-day moving average of $16.17. Rivian Automotive, Inc. has a one year low of $11.57 and a one year high of $22.69.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted ($0.48) earnings per share. Rivian Automotive's revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.07 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director 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 document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. The trade was a 3.64% 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. In the last 90 days, insiders sold 78,630 shares of company stock worth $1,309,504. Insiders own 1.48% of the company's stock.

Rivian Automotive Company Profile

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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