Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC trimmed its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 9.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,263 shares of the electric vehicle automaker’s stock after selling 1,996 shares during the quarter. New York Life Investment Management LLC’s holdings in Rivian Automotive were worth $443,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its holdings in Rivian Automotive by 9.7% during the 2nd quarter. BlackRock Inc. now owns 55,827,991 shares of the electric vehicle automaker’s stock worth $930,094,000 after purchasing an additional 4,924,020 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $228,175,000. State Street Corp increased its stake in shares of Rivian Automotive by 22.6% in the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock worth $194,998,000 after buying an additional 2,156,922 shares during the last quarter. Vanguard Group Inc. raised its holdings in Rivian Automotive by 2.3% in the first quarter. Vanguard Group Inc. now owns 9,777,340 shares of the electric vehicle automaker’s stock valued at $491,214,000 after acquiring an additional 221,383 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 38.7% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,504,619 shares of the electric vehicle automaker’s stock valued at $141,687,000 after acquiring an additional 2,374,790 shares during the last quarter. Institutional investors and hedge funds own 62.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIVN. Stifel Nicolaus initiated coverage on shares of Rivian Automotive in a research report on Thursday, December 7th. They issued a “buy” rating and a $23.00 target price for the company. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Barclays reduced their target price on Rivian Automotive from $27.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Wells Fargo & Company lowered their price target on Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating for the company in a report on Wednesday, November 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $19.00 price objective (down from $29.00) on shares of Rivian Automotive in a research note on Wednesday, January 17th. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and an average target price of $27.24.

Get Our Latest Report on RIVN

Rivian Automotive Price Performance

Rivian Automotive stock opened at $16.68 on Friday. Rivian Automotive, Inc. has a 12-month low of $11.68 and a 12-month high of $28.06. The firm has a 50 day simple moving average of $18.92 and a 200-day simple moving average of $19.94. The company has a current ratio of 4.61, a quick ratio of 3.64 and a debt-to-equity ratio of 0.26.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its quarterly earnings data on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) EPS for the quarter, topping analysts’ consensus estimates of ($1.61) by $0.17. Rivian Automotive had a negative return on equity of 42.17% and a negative net margin of 148.97%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the business earned ($1.57) EPS. The company’s quarterly revenue was up 149.4% compared to the same quarter last year. Equities analysts anticipate that Rivian Automotive, Inc. will post -5.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,265 shares of Rivian Automotive stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.08, for a total value of $55,766.20. Following the transaction, the chief financial officer now owns 173,030 shares of the company’s stock, valued at approximately $2,955,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Rivian Automotive Company Profile

(Free Report)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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