M&T Bank Corp Has $1.44 Million Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

M&T Bank Corp lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 38.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,155 shares of the electric vehicle automaker's stock after selling 81,646 shares during the quarter. M&T Bank Corp's holdings in Rivian Automotive were worth $1,439,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Rivian Automotive by 153.2% in 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC grew its position in 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 valued at $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock worth $39,889,000 after acquiring an additional 1,039,758 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,974 shares of company stock valued at $2,038,483. Corporate insiders own 2.51% of the company's stock.

Rivian Automotive Trading Up 6.8 %

RIVN stock traded up $0.97 during midday trading on Monday, hitting $15.34. The stock had a trading volume of 54,567,230 shares, compared to its average volume of 40,020,234. 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 firm has a market cap of $15.66 billion, a P/E ratio of -2.71 and a beta of 2.12. The business has a fifty day moving average price of $11.08 and a two-hundred day moving average price of $12.68. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.61.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RIVN shares. Guggenheim reduced their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. 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 research report on Tuesday, October 15th. The Goldman Sachs Group upped their price target 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. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, Mizuho reduced their price objective on Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average price target of $15.83.

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.