Rivian Automotive (NASDAQ:RIVN) Shares Up 0.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.8% during trading on Thursday . The stock traded as high as $12.81 and last traded at $12.52. Approximately 5,853,297 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 38,356,324 shares. The stock had previously closed at $12.42.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Stifel Nicolaus lowered their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Piper Sandler reduced their price target 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. Finally, Mizuho lowered their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Performance

The company’s 50 day simple moving average is $13.44 and its 200 day simple moving average is $12.86. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,334 shares of the 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 completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The stock was 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. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 363,142 shares of company stock valued at $4,958,860 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Tandem Financial LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its position in 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 buying an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC boosted its stake in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after buying an additional 2,111 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company 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.