Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 about 0.17% of Rivian Automotive worth $22,656,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter worth approximately $28,000. GHP Investment Advisors Inc. raised its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC raised its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after purchasing an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after purchasing an additional 2,900 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Price Performance

RIVN opened at $12.48 on Thursday. The company has a fifty day simple moving average of $13.55 and a 200 day simple moving average of $12.60. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of -2.23 and a beta of 2.04. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $9,712,811.25. This represents a 8.80 % 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 valued at $4,958,860 in the last ninety days. Corporate insiders own 2.51% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Piper Sandler cut their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Friday, November 8th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Bank of America downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating and cut their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $15.13.

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.

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