FORA Capital LLC Purchases Shares of 286,772 Rivian Automotive, Inc. (NASDAQ:RIVN)

FORA Capital LLC acquired a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 modified their holdings of RIVN. BOKF NA boosted its holdings in Rivian Automotive by 14.5% in the first quarter. BOKF NA now owns 26,937 shares of the electric vehicle automaker’s stock worth $299,000 after acquiring an additional 3,411 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Rivian Automotive by 59.1% in the 1st quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock worth $2,706,000 after purchasing an additional 91,810 shares in the last quarter. Comerica Bank lifted its holdings in shares of Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock worth $251,000 after purchasing an additional 8,653 shares in the last quarter. Advisory Resource Group acquired a new stake in Rivian Automotive in the 1st quarter valued at $156,000. Finally, EMC Capital Management increased its stake in Rivian Automotive by 68.0% during the 1st quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker’s stock valued at $134,000 after purchasing an additional 5,100 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIVN. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company cut their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Barclays lowered their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Truist Financial cut their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. One 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 company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.73.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,142,188 over the last three months. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Stock Performance

Shares of RIVN stock traded up $0.74 on Wednesday, hitting $12.29. 14,439,587 shares of the stock were exchanged, compared to its average volume of 39,845,359. The firm’s 50 day moving average is $10.69 and its two-hundred day moving average is $12.45. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The firm has a market capitalization of $12.54 billion, a PE ratio of -2.19 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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.