Synovus Financial Corp Has $323,000 Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

Synovus Financial Corp trimmed its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 44.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,776 shares of the electric vehicle automaker’s stock after selling 22,619 shares during the quarter. Synovus Financial Corp’s holdings in Rivian Automotive were worth $323,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after purchasing an additional 907 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Rivian Automotive by 2.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,585,592 shares of the electric vehicle automaker’s stock valued at $21,279,000 after buying an additional 33,276 shares in the last quarter. Raymond James & Associates increased its stake in Rivian Automotive by 11.1% during the 2nd quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock worth $2,050,000 after acquiring an additional 15,252 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Rivian Automotive by 462.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 185,700 shares of the electric vehicle automaker’s stock valued at $2,492,000 after acquiring an additional 152,700 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 11.2 %

Rivian Automotive stock opened at $13.06 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The firm’s 50-day simple moving average is $11.26 and its 200 day simple moving average is $12.74.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday. Royal Bank of Canada decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Guggenheim reduced their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.74.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,904 shares of company stock worth $3,291,004 in the last 90 days. Insiders own 2.51% of the company’s stock.

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.