M&T Bank Corp Purchases 20,975 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

M&T Bank Corp boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 17.1% during the fourth quarter, Holdings Channel reports. The firm owned 143,400 shares of the electric vehicle automaker’s stock after acquiring an additional 20,975 shares during the quarter. M&T Bank Corp’s holdings in Rivian Automotive were worth $3,364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIVN. Bear Mountain Capital Inc. bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the 3rd quarter worth $27,000. First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 1,537.0% during the 3rd 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 in the last quarter. Arlington Trust Co LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $35,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research analyst reports. Truist Financial reiterated a “hold” rating and set a $10.00 target price (down previously from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. Barclays lowered their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Finally, Jefferies Financial Group began coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $10.25 on Wednesday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $28.06. The stock has a 50-day moving average of $10.37 and a 200 day moving average of $15.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a market capitalization of $10.02 billion, a price-to-earnings ratio of -1.79 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.77 EPS for the current year.

Rivian Automotive 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.