Grove Bank & Trust Purchases New Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Grove Bank & Trust purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 4,680 shares of the electric vehicle automaker’s stock, valued at approximately $62,000.

A number of other institutional investors have also recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC raised its position in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the period. Hantz Financial Services Inc. raised its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in Rivian Automotive in the 3rd quarter worth about $44,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.48.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,429 shares of company stock worth $4,467,450. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN opened at $14.21 on Tuesday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.85. The company has a 50 day moving average of $13.03 and a two-hundred day moving average of $13.05. 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 company has a market cap of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.

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.