Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 0.3% during mid-day trading on Monday . The stock traded as high as $14.10 and last traded at $13.87. Approximately 6,316,449 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 39,918,539 shares. The stock had previously closed at $13.83.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Royal Bank of Canada reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group reduced their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Performance

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 company’s fifty day moving average price is $11.59 and its 200 day moving average price is $12.81. The company has a market cap of $14.35 billion, a PE ratio of -2.51 and a beta of 2.12.

Insiders Place Their Bets

In other news, 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 transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,571 shares of company stock valued at $2,321,008. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the third quarter worth about $28,000. GHP Investment Advisors Inc. increased its stake in shares of Rivian Automotive by 63.2% during 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 during the last quarter. American Capital Advisory LLC increased its stake in shares of Rivian Automotive by 267.6% during 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 during the last quarter. Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Rivian Automotive during the second quarter valued at $37,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.