Citizens Financial Group Inc. RI Makes New $136,000 Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Citizens Financial Group Inc. RI purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 12,123 shares of the electric vehicle automaker’s stock, valued at approximately $136,000.

Other hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. lifted its holdings in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after buying an additional 1,257,106 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after acquiring an additional 1,039,758 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $9,388,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Wolfe Research initiated coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. UBS Group decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Finally, Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $15.73.

Insider Activity at Rivian Automotive

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

Rivian Automotive Stock Up 2.2 %

Shares of NASDAQ:RIVN opened at $10.24 on Monday. The stock’s 50-day moving average is $10.75 and its 200 day moving average is $12.43. The company has a market cap of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. 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, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61.

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.