Essex Financial Services Inc. Sells 1,477 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Essex Financial Services Inc. cut its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,230 shares of the electric vehicle automaker’s stock after selling 1,477 shares during the period. Essex Financial Services Inc.’s holdings in Rivian Automotive were worth $203,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RIVN. Tandem Financial LLC bought a new position in Rivian Automotive during the 4th quarter worth approximately $25,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the third quarter worth approximately $28,000. GHP Investment Advisors Inc. increased its stake 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 period. American Capital Advisory LLC raised its holdings in 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 valued at $33,000 after buying an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position 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 valued at $34,000 after buying an additional 2,900 shares during the period. 66.25% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was 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 in the company, valued at approximately $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. In the last 90 days, insiders sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is owned by insiders.

Rivian Automotive Stock Up 5.5 %

RIVN stock opened at $14.03 on Friday. 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 $18.85. The stock has a market capitalization of $14.32 billion, a P/E ratio of -2.51 and a beta of 2.04. The business has a fifty day moving average price of $13.59 and a 200-day moving average price of $12.58.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RIVN shares. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.13.

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.