Texas Capital Bank Wealth Management Services Inc Sells 130,000 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Texas Capital Bank Wealth Management Services Inc cut its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 86.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 20,000 shares of the electric vehicle automaker’s stock after selling 130,000 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in Rivian Automotive were worth $224,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. GHP Investment Advisors Inc. increased its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its stake in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Up 5.3 %

Shares of RIVN stock opened at $13.00 on Friday. The company has a 50 day simple moving average of $10.74 and a two-hundred day simple moving average of $12.51. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on 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 directly owns 378,498 shares of the company’s stock, 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. Insiders sold 261,307 shares of company stock worth $3,178,479 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on RIVN. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Barclays cut their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Robert W. Baird decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $15.73.

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.