Citizens Financial Group Inc. RI Acquires New Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Citizens Financial Group Inc. RI bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 12,123 shares of the electric vehicle automaker’s stock, valued at approximately $136,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Moors & Cabot Inc. boosted its holdings in Rivian Automotive by 34.8% in the third quarter. Moors & Cabot Inc. now owns 24,195 shares of the electric vehicle automaker’s stock valued at $271,000 after acquiring an additional 6,250 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 51.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 4,331 shares of the electric vehicle automaker’s stock worth $49,000 after purchasing an additional 1,479 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Rivian Automotive by 19.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock worth $462,000 after purchasing an additional 6,620 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at $570,000. Finally, Commerce Bank increased its position in shares of Rivian Automotive by 52.7% during the third quarter. Commerce Bank now owns 62,012 shares of the electric vehicle automaker’s stock worth $696,000 after buying an additional 21,391 shares during the period. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RIVN. Piper Sandler cut their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Needham & Company LLC cut their target price 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. Guggenheim lowered their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Canaccord Genuity Group dropped their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Up 2.2 %

RIVN stock opened at $10.24 on Monday. The firm has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The stock’s 50 day moving average is $10.75 and its 200-day moving average is $12.43.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, 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. In the last three months, insiders sold 169,876 shares of company stock valued at $2,142,188. 2.51% of the stock is owned by insiders.

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.