M&T Bank Corp Decreases Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

M&T Bank Corp lowered its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 38.9% in the third quarter, Holdings Channel reports. The firm owned 128,155 shares of the electric vehicle automaker’s stock after selling 81,646 shares during the period. M&T Bank Corp’s holdings in Rivian Automotive were worth $1,439,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its stake in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the last quarter. Blue Trust Inc. raised its position in shares of Rivian Automotive by 39.0% in the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after buying an additional 907 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Rivian Automotive by 2.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,585,592 shares of the electric vehicle automaker’s stock worth $21,279,000 after buying an additional 33,276 shares in the last quarter. Raymond James & Associates boosted its position in Rivian Automotive by 11.1% during the second quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock worth $2,050,000 after acquiring an additional 15,252 shares during the last quarter. Finally, Western Wealth Management LLC grew its stake in Rivian Automotive by 52.1% during the 2nd quarter. Western Wealth Management LLC now owns 16,348 shares of the electric vehicle automaker’s stock valued at $219,000 after acquiring an additional 5,603 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 1.2 %

Shares of NASDAQ RIVN opened at $14.37 on Monday. 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 business’s 50 day moving average is $11.08 and its two-hundred day moving average is $12.68. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a market cap of $14.67 billion, a price-to-earnings ratio of -2.57 and a beta of 2.12.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,974 shares of company stock valued at $2,038,483. 2.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Benchmark assumed coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. Needham & Company LLC reduced their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. The Goldman Sachs Group upped their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Wells Fargo & Company reduced their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $15.83.

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.