Everence Capital Management Inc. Acquires Shares of 28,560 Rivian Automotive, Inc. (NASDAQ:RIVN)

Everence Capital Management Inc. purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,560 shares of the electric vehicle automaker’s stock, valued at approximately $380,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Certuity LLC lifted its holdings in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the last quarter. John G Ullman & Associates Inc. raised its position in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after acquiring an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. lifted its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. Intech Investment Management LLC boosted its holdings in Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock worth $1,033,000 after purchasing an additional 1,055 shares during the period. Finally, Tradition Wealth Management LLC increased its stake in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after purchasing an additional 1,250 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $15.72 on Tuesday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $19.76. 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 company’s 50-day moving average price is $12.28 and its two-hundred day moving average price is $13.00. The stock has a market cap of $16.04 billion, a PE ratio of -2.81 and a beta of 2.05.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RIVN. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group lowered their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.48.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares in the company, 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 through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock worth $3,312,443 in the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

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.