Essex Financial Services Inc. Trims Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Essex Financial Services Inc. lessened its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.8% during the 4th quarter, HoldingsChannel reports. The fund owned 15,230 shares of the electric vehicle automaker’s stock after selling 1,477 shares during the quarter. Essex Financial Services Inc.’s holdings in Rivian Automotive were worth $203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tandem Financial LLC purchased a new position in Rivian Automotive during the fourth quarter valued at $25,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. grew its stake in shares of 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 acquiring an additional 1,002 shares during the period. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% in 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, Hantz Financial Services Inc. raised its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 5.5 %

NASDAQ RIVN opened at $14.03 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $18.85. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of -2.51 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average of $13.59 and a two-hundred day moving average of $12.58.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research report on Monday, January 6th. Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.13.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the 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 completion of the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 363,142 shares of company stock valued at $4,958,860. Company insiders own 2.51% of the company’s stock.

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.