Rivian Automotive (NASDAQ:RIVN) Trading 2.9% Higher – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.9% during trading on Wednesday . The company traded as high as $12.45 and last traded at $11.88. 21,658,940 shares were traded during trading, a decline of 46% from the average session volume of 39,886,250 shares. The stock had previously closed at $11.55.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RIVN shares. Truist Financial dropped their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. 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. UBS Group reduced their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group lifted their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

The stock’s 50 day moving average price is $10.69 and its two-hundred day moving average price is $12.45. 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 firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.12 and a beta of 2.04.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $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 hyperlink. Also, 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 completion of the sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,142,188 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the business. Tidal Investments LLC lifted its stake 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 purchasing an additional 60,205 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. World Investment Advisors LLC lifted its position 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 worth $204,000 after buying an additional 1,446 shares during the period. Sanctuary Advisors LLC boosted its stake in Rivian Automotive by 9.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after buying an additional 3,681 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in Rivian Automotive during the third quarter worth $4,184,000. Institutional investors and hedge funds 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.