Mitsubishi UFJ Trust & Banking Corp Sells 11,139 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Mitsubishi UFJ Trust & Banking Corp cut its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,398,472 shares of the electric vehicle automaker’s stock after selling 11,139 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.14% of Rivian Automotive worth $18,600,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter worth about $28,000. Hantz Financial Services Inc. lifted its position in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the period. Finally, Bear Mountain Capital Inc. boosted its stake in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 1,932 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Insider Activity

In related news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,588,475 in the last quarter. Company insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RIVN shares. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Wells Fargo & Company increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Finally, Needham & Company LLC increased their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.02 on Friday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86. The company has a market cap of $14.72 billion, a P/E ratio of -2.76 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock’s 50-day simple moving average is $12.30 and its 200 day simple moving average is $12.15.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Rivian Automotive 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.