Sumitomo Mitsui Trust Group Inc. Has $22.66 Million Stock Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 3.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,703,462 shares of the electric vehicle automaker's stock after selling 63,285 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of Rivian Automotive worth $22,656,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RIVN. Sanctuary Advisors LLC acquired a new position in Rivian Automotive during the 2nd quarter worth approximately $550,000. GAMMA Investing LLC lifted its position in shares of Rivian Automotive by 40.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker's stock worth $55,000 after buying an additional 1,401 shares during the last quarter. CWM LLC lifted its position in shares of Rivian Automotive by 15.6% during the 3rd quarter. CWM LLC now owns 46,116 shares of the electric vehicle automaker's stock worth $517,000 after buying an additional 6,234 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Rivian Automotive by 1,180.0% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,400 shares of the electric vehicle automaker's stock worth $72,000 after buying an additional 5,900 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Rivian Automotive by 6.7% during the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker's stock worth $1,298,000 after buying an additional 7,236 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Stock Performance

RIVN traded up $0.73 on Friday, hitting $14.03. The company had a trading volume of 33,856,768 shares, compared to its average volume of 27,819,302. The company's fifty day moving average price is $13.59 and its 200 day moving average price is $12.53. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market cap of $14.32 billion, a price-to-earnings ratio of -2.51 and a beta of 2.04.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RIVN shares. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price objective on shares of Rivian Automotive in a research report on Monday, January 6th. Barclays boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Wedbush restated an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Mizuho reduced their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research report on Monday, November 4th. Finally, The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $15.13.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 363,142 shares of company stock worth $4,958,860 over the last three months. 2.51% of the stock is currently owned by insiders.

About Rivian Automotive

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.