Van ECK Associates Corp Buys 11,140 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Van ECK Associates Corp increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVNFree Report) by 5.0% in the third quarter, Holdings Channel.com reports. The fund owned 232,678 shares of the electric vehicle automaker’s stock after purchasing an additional 11,140 shares during the period. Van ECK Associates Corp’s holdings in Rivian Automotive were worth $5,649,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RIVN. Salem Investment Counselors Inc. lifted its position in Rivian Automotive by 1,329.5% during the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 585 shares during the last quarter. MCF Advisors LLC lifted its position in Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares during the last quarter. Armstrong Advisory Group Inc. lifted its position in Rivian Automotive by 281.7% during the third quarter. Armstrong Advisory Group Inc. now owns 1,355 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC bought a new position in Rivian Automotive during the third quarter valued at $35,000. Institutional investors own 62.79% of the company’s stock.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $17.08, for a total transaction of $55,766.20. Following the transaction, the chief financial officer now owns 173,030 shares of the company’s stock, valued at approximately $2,955,352.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on RIVN. Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 25th. Stifel Nicolaus initiated coverage on shares of Rivian Automotive in a research note on Thursday, December 7th. They issued a “buy” rating and a $23.00 target price on the stock. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Cantor Fitzgerald reduced their target price on shares of Rivian Automotive from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 8th. Finally, Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $24.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.24.

Get Our Latest Stock Report on Rivian Automotive

Rivian Automotive Trading Up 3.5 %

NASDAQ RIVN opened at $16.68 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 4.61 and a quick ratio of 3.64. The company’s 50-day simple moving average is $18.92 and its two-hundred day simple moving average is $19.90. Rivian Automotive, Inc. has a one year low of $11.68 and a one year high of $28.06.

About Rivian Automotive

(Free Report)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

See Also

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Institutional Ownership by Quarter for Rivian Automotive (NASDAQ:RIVN)

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