Mitsubishi UFJ Trust & Banking Corp Has $18.60 Million Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Mitsubishi UFJ Trust & Banking Corp reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,398,472 shares of the electric vehicle automaker’s stock after selling 11,139 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Rivian Automotive were worth $18,600,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC boosted its holdings in Rivian Automotive by 109.0% in the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after purchasing an additional 7,273 shares during the period. Pathstone Holdings LLC boosted its stake in shares of Rivian Automotive by 8.4% in the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after buying an additional 9,187 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Rivian Automotive during the third quarter worth approximately $570,000. Advisors Asset Management Inc. increased its stake in Rivian Automotive by 19.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock worth $462,000 after acquiring an additional 6,620 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,588,475 over the last ninety days. Insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $13.02 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.86. The firm has a market cap of $14.72 billion, a PE ratio of -2.76 and a beta of 2.03. The firm’s fifty day moving average is $12.30 and its 200-day moving average is $12.15.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RIVN shares. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Truist Financial increased their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Cowen assumed coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.38.

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.