Commerce Bank Purchases 21,391 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Commerce Bank boosted its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 52.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,012 shares of the electric vehicle automaker’s stock after acquiring an additional 21,391 shares during the quarter. Commerce Bank’s holdings in Rivian Automotive were worth $696,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC boosted its stake in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after acquiring an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the 2nd quarter valued at about $37,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 169,876 shares of company stock valued at $2,142,188. 2.51% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on RIVN. Canaccord Genuity Group decreased their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $11.60 on Tuesday. The firm has a market capitalization of $11.84 billion, a P/E ratio of -2.07 and a beta of 2.04. The stock has a fifty day moving average price of $10.75 and a two-hundred day moving average price of $12.43. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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.