Bank of New York Mellon Corp Acquires 1,039,758 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Bank of New York Mellon Corp increased its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 53.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,972,339 shares of the electric vehicle automaker's stock after buying an additional 1,039,758 shares during the quarter. Bank of New York Mellon Corp owned 0.30% of Rivian Automotive worth $39,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of RIVN. Assenagon Asset Management S.A. lifted its position in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock valued at $492,000 after purchasing an additional 604 shares during the last quarter. Federated Hermes Inc. lifted its position in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker's stock valued at $201,000 after purchasing an additional 651 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC lifted its position in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock valued at $241,000 after purchasing an additional 718 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock valued at $47,000 after purchasing an additional 760 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 488,926 shares of company stock worth $7,552,869. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Truist Financial boosted their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a "hold" rating in a research note on Friday, August 2nd. Cantor Fitzgerald reissued an "overweight" rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Tuesday. Needham & Company LLC reduced their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. UBS Group reduced their price target on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Finally, Barclays upped their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded down $0.98 during midday trading on Tuesday, reaching $13.15. 21,340,298 shares of the company's stock traded hands, compared to its average volume of 41,347,160. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.87. The stock has a 50 day moving average of $15.01 and a 200 day moving average of $12.25. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $13.09 billion, a price-to-earnings ratio of -2.28 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.72 EPS for the current fiscal year.

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.