Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 0.4% on Wednesday . The company traded as high as $10.47 and last traded at $10.21. Approximately 9,791,294 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 39,566,867 shares. The stock had previously closed at $10.17.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RIVN. Wolfe Research began coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Mizuho cut 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 report on Monday, November 4th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. One investment 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, the stock presently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Down 1.0 %

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 business has a 50 day simple moving average of $10.97 and a 200 day simple moving average of $12.43. The stock has a market cap of $10.28 billion, a PE ratio of -1.82 and a beta of 2.04.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock worth $2,142,188 in the last three months. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Rivian Automotive during the 3rd quarter worth $4,184,000. Teachers Retirement System of The State of Kentucky lifted its position in Rivian Automotive by 17.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock worth $6,613,000 after acquiring an additional 86,433 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Rivian Automotive by 46.2% during the third quarter. Toronto Dominion Bank now owns 100,700 shares of the electric vehicle automaker’s stock valued at $1,130,000 after acquiring an additional 31,815 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Rivian Automotive in the third quarter valued at about $1,430,000. Finally, Coldstream Capital Management Inc. increased its stake in shares of Rivian Automotive by 12.8% in the third quarter. Coldstream Capital Management Inc. now owns 54,662 shares of the electric vehicle automaker’s stock worth $615,000 after purchasing an additional 6,201 shares during the period. Institutional investors own 66.25% 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.