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

Grove Bank & Trust bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, Holdings Channel reports. The fund bought 4,680 shares of the electric vehicle automaker’s stock, valued at approximately $62,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the third quarter valued at $28,000. GHP Investment Advisors Inc. increased its holdings in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. increased its stake in shares of Rivian Automotive by 2,636.4% during the third 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 in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Rivian Automotive during the third quarter worth about $44,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RIVN shares. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. UBS Group boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research note on Monday, January 6th. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.21 on Tuesday. The firm’s 50 day moving average price is $13.03 and its 200-day moving average price is $13.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85. The firm has a market cap of $14.50 billion, a P/E 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.