Rivian Automotive (NASDAQ:RIVN) Shares Up 1.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1.2% during mid-day trading on Tuesday . The company traded as high as $12.27 and last traded at $11.74. Approximately 40,083,778 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 39,787,730 shares. The stock had previously closed at $11.60.

Analysts Set New Price Targets

A number of brokerages have weighed in on RIVN. Needham & Company LLC decreased their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. UBS Group cut their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company decreased their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Truist Financial dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Performance

The firm has a market cap of $11.97 billion, a P/E ratio of -2.10 and a beta of 2.04. The firm has a fifty day moving average of $10.72 and a 200-day moving average of $12.44. 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 related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,142,188 over the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RIVN. Quent Capital LLC lifted its holdings in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. lifted its holdings 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 valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $37,000. 66.25% of the stock is owned by institutional investors.

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.