Wilmington Savings Fund Society FSB Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,466 shares of the electric vehicle automaker’s stock, valued at approximately $28,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RIVN. Raymond James & Associates lifted its holdings in shares of Rivian Automotive by 11.1% during the 2nd quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock valued at $2,050,000 after purchasing an additional 15,252 shares during the last quarter. Bank of New York Mellon Corp grew its position in Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. Bailard Inc. acquired a new position in Rivian Automotive during the 2nd quarter valued at approximately $406,000. AustralianSuper Pty Ltd purchased a new position in shares of Rivian Automotive in the second quarter worth $330,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Rivian Automotive by 6.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 99,378 shares of the electric vehicle automaker’s stock worth $1,334,000 after buying an additional 6,132 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,571 shares of company stock valued at $2,321,008 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. The Goldman Sachs Group raised their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Mizuho dropped their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $13.75 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a fifty day moving average of $11.51 and a 200 day moving average of $12.79. The firm has a market cap of $14.03 billion, a PE ratio of -2.46 and a beta of 2.12. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61.

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.