FORA Capital LLC Invests $3.22 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

FORA Capital LLC acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the third quarter, Holdings Channel reports. The firm acquired 286,772 shares of the electric vehicle automaker’s stock, valued at approximately $3,218,000.

Several other large investors also recently added to or reduced their stakes in RIVN. International Assets Investment Management LLC raised its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after acquiring an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC increased its position in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Renaissance Capital LLC lifted its position in Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after purchasing an additional 148,197 shares during the last quarter. Finally, Private Advisory Group LLC purchased a new stake in Rivian Automotive during the third quarter valued at about $2,109,000. Institutional investors own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,876 shares of company stock valued at $2,142,188. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 6.4 %

RIVN traded up $0.74 on Wednesday, hitting $12.29. The company had a trading volume of 14,439,587 shares, compared to its average volume of 39,845,359. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The stock has a fifty day simple moving average of $10.69 and a 200-day simple moving average of $12.45. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $12.54 billion, a P/E ratio of -2.19 and a beta of 2.04.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RIVN. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.73.

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.