Mitsubishi UFJ Asset Management Co. Ltd. Purchases 73,812 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 10.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 809,295 shares of the electric vehicle automaker’s stock after acquiring an additional 73,812 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Rivian Automotive worth $10,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of RIVN. Cerity Partners LLC grew its position in shares of Rivian Automotive by 38.0% during the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock worth $695,000 after purchasing an additional 17,039 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock valued at $860,000 after buying an additional 4,338 shares in the last quarter. Townsquare Capital LLC bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $263,000. Hantz Financial Services Inc. lifted its holdings in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock worth $465,000 after acquiring an additional 6,738 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $12.45 on Tuesday. The company’s 50 day moving average is $12.22 and its 200 day moving average is $12.11. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $14.08 billion, a price-to-earnings ratio of -2.64 and a beta of 2.03. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $18.86.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RIVN. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating for the company. UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Finally, Sanford C. Bernstein initiated 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. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $14.38.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’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 transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company’s stock.

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.