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

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. UBS Group dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Barclays dropped their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Needham & Company LLC lowered their target price 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. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. One 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. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Up 0.7 %

The company has a 50-day moving average of $10.67 and a two-hundred day moving average of $12.50. The company has a market capitalization of $12.21 billion, a PE ratio of -2.16 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction 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. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,307 shares of company stock worth $3,178,479 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC lifted its holdings in Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at $28,000. World Investment Advisors LLC lifted its holdings in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after purchasing an additional 1,446 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Rivian Automotive by 9.0% during the 3rd 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 during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at $4,184,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.