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 trading, a decline of 35% from the average daily volume of 39,964,527 shares. The stock had previously closed at $12.22.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Truist Financial reduced their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Barclays reduced their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $11.90 billion, a P/E ratio of -2.10 and a beta of 2.04. The stock has a 50 day moving average of $10.67 and a 200-day moving average of $12.48.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,307 shares of company stock worth $3,178,479 in the last ninety days. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quent Capital LLC boosted its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. boosted its position in shares of 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 purchasing an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC boosted its position in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other 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.