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

M&T Bank Corp grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 143,400 shares of the electric vehicle automaker’s stock after purchasing 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 reporting period.

Several other institutional investors also recently modified their holdings of RIVN. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive in the 3rd quarter worth $27,000. First Horizon Advisors Inc. grew its stake in shares of 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 worth $32,000 after purchasing an additional 1,245 shares during the period. Arlington Trust Co LLC bought a new stake in Rivian Automotive in the fourth quarter valued at about $35,000. Finally, Parkside Financial Bank & Trust increased 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 valued at $40,000 after purchasing an additional 784 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on RIVN shares. Robert W. Baird decreased their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a report on Tuesday, April 16th. Mizuho reaffirmed a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, March 25th. Wells Fargo & Company lowered their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Finally, Morgan Stanley cut their price objective on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last three months, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.25 on Wednesday. The firm has a market capitalization of $10.02 billion, a P/E ratio of -1.79 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The firm’s fifty day moving average price is $10.37 and its two-hundred day moving average price is $15.04. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current year.

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.