Rivian Automotive (NASDAQ:RIVN) Shares Up 0.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.1% during mid-day trading on Monday . The company traded as high as $12.63 and last traded at $12.23. Approximately 26,167,952 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 39,964,527 shares. The stock had previously closed at $12.22.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent analyst reports. Needham & Company LLC reduced their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. UBS Group dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Stock Down 4.7 %

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 stock has a market capitalization of $11.90 billion, a PE ratio of -2.10 and a beta of 2.04. The company has a 50 day moving average price of $10.67 and a 200-day moving average price of $12.48.

Insider Buying and Selling

In related 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s 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 sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $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 261,307 shares of company stock valued at $3,178,479 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC boosted its holdings in Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter worth $28,000. World Investment Advisors LLC boosted its holdings in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after acquiring an additional 1,446 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after purchasing an additional 3,681 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Rivian Automotive during the third quarter valued at $4,184,000. 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.