Sumitomo Mitsui Trust Group Inc. Acquires 181,155 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,766,747 shares of the electric vehicle automaker’s stock after buying an additional 181,155 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Rivian Automotive were worth $19,823,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Rivian Automotive during the third quarter valued at approximately $45,000. State of New Jersey Common Pension Fund D raised its holdings in Rivian Automotive by 1.1% in the third quarter. State of New Jersey Common Pension Fund D now owns 281,500 shares of the electric vehicle automaker’s stock worth $3,158,000 after purchasing an additional 3,033 shares in the last quarter. Meritage Portfolio Management raised its holdings in Rivian Automotive by 11.5% in the third quarter. Meritage Portfolio Management now owns 83,133 shares of the electric vehicle automaker’s stock worth $933,000 after purchasing an additional 8,556 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Rivian Automotive in the third quarter worth $44,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Down 2.4 %

Shares of NASDAQ RIVN opened at $10.06 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a 50 day moving average price of $11.09 and a two-hundred day moving average price of $12.43. The stock has a market cap of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RIVN. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. UBS Group dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Robert W. Baird reduced their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Finally, Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.73.

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.