Bank of New York Mellon Corp Has $41.36 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Bank of New York Mellon Corp cut its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,110,038 shares of the electric vehicle automaker's stock after selling 112,440 shares during the period. Bank of New York Mellon Corp owned approximately 0.30% of Rivian Automotive worth $41,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. IFP Advisors Inc lifted its stake in Rivian Automotive by 153.7% in the fourth quarter. IFP Advisors Inc now owns 8,007 shares of the electric vehicle automaker's stock valued at $106,000 after buying an additional 4,851 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Rivian Automotive in the 4th quarter valued at $4,036,000. World Equity Group Inc. acquired a new position in Rivian Automotive in the 4th quarter worth $211,000. Aspen Investment Management Inc bought a new position in Rivian Automotive during the 4th quarter worth about $138,000. Finally, Prakash Investment Advisors LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $222,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.21 during trading on Monday, hitting $10.96. The company had a trading volume of 29,067,205 shares, compared to its average volume of 37,509,490. The firm has a market capitalization of $12.39 billion, a P/E ratio of -2.32 and a beta of 2.03. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock's 50-day moving average price is $13.06 and its 200 day moving average price is $12.36.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock worth $3,988,140 over the last ninety days. Corporate insiders own 2.51% of the company's stock.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Cowen started coverage on Rivian Automotive in a report on Thursday. They set a "hold" rating for the company. Benchmark started coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price target for the company. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Robert W. Baird reiterated a "neutral" rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $14.73.

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.