Keybank National Association OH Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Keybank National Association OH bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,596 shares of the electric vehicle automaker’s stock, valued at approximately $141,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Tandem Financial LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its position in 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 valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Bear Mountain Capital Inc. lifted its holdings in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after acquiring an additional 1,932 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.7 %

NASDAQ:RIVN opened at $10.78 on Wednesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $13.01 and a 200-day simple moving average of $12.34. The company has a market cap of $12.18 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RIVN. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Guggenheim dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Finally, Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.73.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock worth $3,988,140 over the last quarter. Insiders own 2.51% of the company’s stock.

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.