Bank of New York Mellon Corp Lowers Stock Position in Rivian Automotive, Inc. $RIVN

Bank of New York Mellon Corp decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 6.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,815,982 shares of the electric vehicle automaker’s stock after selling 180,720 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rivian Automotive were worth $42,381,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RIVN. Illinois Municipal Retirement Fund raised its stake in Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after acquiring an additional 686 shares during the last quarter. Merit Financial Group LLC increased its holdings in shares of Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after purchasing an additional 739 shares during the last quarter. Utah Retirement Systems lifted its holdings in shares of Rivian Automotive by 0.6% during the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after purchasing an additional 744 shares during the period. Finally, Tradition Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after purchasing an additional 753 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This represents a 3.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 68,385 shares of company stock worth $1,125,094 in the last quarter. 1.48% of the stock is owned by insiders.

Trending Headlines about Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian filed a lawsuit seeking a full refund of tariffs it paid under Trump-era import taxes, which could return tens of millions of dollars to the company if successful and provide a direct boost to cash flow. Rivian sues the US government for ‘full refund’ of Trump tariffs
• Positive Sentiment: Investor attention is also focusing on Rivian’s improving relative performance versus peers, with the stock benefiting from a broader rotation away from Tesla and toward EV names like Rivian. Tesla Sinks 18% in a Month as Lucid Climbs 21%, Rivian Gains 9%: SpaceX Anxiety or Cracks Under the Hood?
• Neutral Sentiment: Rivian remains in focus ahead of its June-quarter earnings report on July 30, with analysts debating whether the company can deliver a better-than-expected result after a volatile year-to-date performance. Rivian Automotive (RIVN) As June Quarter Results Near Fair Value Stays In Focus
• Neutral Sentiment: Rivian is also being viewed as having a relatively weak setup for an earnings beat, which adds uncertainty but does not by itself confirm a major near-term catalyst. Rivian Automotive (RIVN) May Report Negative Earnings: Know the Trend Ahead of Next Week’s Release
• Negative Sentiment: News that Volkswagen engineers were charged with insider trading tied to the Rivian joint venture may create some headline risk around the partnership, even though the allegations are aimed at individuals rather than Rivian itself. Volkswagen engineers charged with insider trading tied to Rivian joint venture

Rivian Automotive Trading Down 3.8%

Shares of RIVN stock opened at $15.84 on Friday. The company has a market capitalization of $21.56 billion, a price-to-earnings ratio of -5.42 and a beta of 1.60. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The firm has a 50-day moving average price of $16.32 and a 200 day moving average price of $16.00. Rivian Automotive, Inc. has a twelve month low of $11.57 and a twelve month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business posted ($0.48) earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. Research analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. DA Davidson lifted their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. UBS Group lifted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. TD Cowen reissued a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group upped their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $18.86.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.