Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC decreased its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 36.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 193,064 shares of the electric vehicle automaker’s stock after selling 112,562 shares during the period. HITE Hedge Asset Management LLC’s holdings in Rivian Automotive were worth $2,166,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.7% during 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 during the period. First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC lifted its stake in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares during the period. Certuity LLC grew its holdings in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC boosted its stake in shares of Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after acquiring an additional 823 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of several recent research reports. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. UBS Group decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. 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. Royal Bank of Canada reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $11.87 on Tuesday. The firm’s fifty day moving average is $10.67 and its 200-day moving average is $12.49. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 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 $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 261,307 shares of company stock worth $3,178,479 over the last quarter. Insiders own 2.51% of the company’s stock.

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.