Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 93.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 3,179 shares of the electric vehicle automaker’s stock after selling 43,597 shares during the period. Fifth Third Bancorp’s holdings in Rivian Automotive were worth $42,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RIVN. John G Ullman & Associates Inc. lifted its stake in Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after acquiring an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of 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 purchasing an additional 1,002 shares during the period. Tradition Wealth Management LLC grew its holdings in shares of Rivian Automotive by 11.9% in the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after purchasing an additional 1,250 shares in the last quarter. Blue Trust Inc. increased its stake in Rivian Automotive by 40.3% during the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock worth $51,000 after buying an additional 1,301 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Rivian Automotive by 40.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker’s stock worth $55,000 after buying an additional 1,401 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Piper Sandler dropped their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Wells Fargo & Company decreased their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $15.13.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock worth $4,958,860 in the last quarter. Company insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 0.4 %

Shares of NASDAQ:RIVN opened at $12.56 on Monday. The firm has a fifty day moving average price of $13.44 and a 200 day moving average price of $12.80. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market cap of $12.82 billion, a P/E ratio of -2.24 and a beta of 2.05.

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.