Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 11.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,766,747 shares of the electric vehicle automaker's stock after purchasing an additional 181,155 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Rivian Automotive worth $19,823,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Quent Capital LLC increased its stake in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. increased its stake in shares of Rivian Automotive by 63.2% in 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 in the last quarter. American Capital Advisory LLC increased its stake in shares of Rivian Automotive by 267.6% in 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 in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the second quarter worth about $37,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Up 0.1 %

NASDAQ:RIVN traded up $0.01 during midday trading on Monday, reaching $10.07. 51,548,373 shares of the stock traded hands, compared to its average volume of 39,728,543. The company has a fifty day moving average of $11.09 and a 200 day moving average of $12.43. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The stock has a market capitalization of $10.15 billion, a P/E ratio of -1.80 and a beta of 2.04.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RIVN. Piper Sandler reduced their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, November 8th. Mizuho reduced their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Barclays reduced their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $15.73.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.51% of the stock is currently owned by company 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.