Greenleaf Trust Reduces Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

Greenleaf Trust decreased its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 13.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 21,321 shares of the electric vehicle automaker’s stock after selling 3,325 shares during the quarter. Greenleaf Trust’s holdings in Rivian Automotive were worth $284,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RIVN. The Manufacturers Life Insurance Company boosted its position in Rivian Automotive by 90.2% during the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock worth $970,000 after purchasing an additional 34,303 shares during the period. Cetera Investment Advisers lifted its position in shares of Rivian Automotive by 9.5% during the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after acquiring an additional 18,243 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Rivian Automotive in the 2nd quarter worth about $550,000. Handelsbanken Fonder AB boosted its position in shares of Rivian Automotive by 7.6% in the third quarter. Handelsbanken Fonder AB now owns 163,700 shares of the electric vehicle automaker’s stock valued at $1,837,000 after acquiring an additional 11,600 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Rivian Automotive by 40.4% during the 3rd quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker’s stock valued at $55,000 after purchasing an additional 1,401 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of RIVN opened at $12.77 on Thursday. The firm has a fifty day simple moving average of $13.49 and a two-hundred day simple moving average of $12.74. The firm has a market cap of $13.03 billion, a PE ratio of -2.28 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.85.

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. Royal Bank of Canada decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Guggenheim dropped their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.13.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly 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. Over the last 90 days, insiders sold 363,142 shares of company stock worth $4,958,860. 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.