BankPlus Wealth Management LLC Makes New Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

BankPlus Wealth Management LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 12,421 shares of the electric vehicle automaker’s stock, valued at approximately $165,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. grew its stake in Rivian Automotive by 63.2% during the 3rd 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 last quarter. American Capital Advisory LLC increased its holdings in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the period. Hantz Financial Services Inc. raised its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Rivian Automotive during the third quarter worth about $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 0.6 %

Rivian Automotive stock opened at $12.85 on Tuesday. The stock has a market cap of $13.12 billion, a PE ratio of -2.29 and a beta of 2.05. 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 50-day moving average price of $13.25 and a 200 day moving average price of $12.94. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive 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 transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 363,142 shares of company stock valued at $4,958,860. Insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

RIVN has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Monday, January 6th. Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group decreased their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.52.

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.