M&T Bank Corp trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 38.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 128,155 shares of the electric vehicle automaker's stock after selling 81,646 shares during the period. M&T Bank Corp's holdings in Rivian Automotive were worth $1,439,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC boosted its stake in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock valued at $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Rivian Automotive by 53.8% in the second 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. 66.25% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently commented on RIVN shares. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a report on Tuesday, October 22nd. Guggenheim decreased their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note 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. Robert W. Baird decreased their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Friday, November 8th. Finally, Bank of America downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $15.83.
Check Out Our Latest Report on RIVN
In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 8,097 shares of the company's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company's stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 177,974 shares of company stock worth $2,038,483. 2.51% of the stock is owned by corporate insiders.
Shares of RIVN stock opened at $14.37 on Monday. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $14.67 billion, a PE ratio of -2.57 and a beta of 2.12. The business has a 50-day simple moving average of $11.08 and a 200-day simple moving average of $12.68.
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.
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