Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1% on Friday . The company traded as high as $12.42 and last traded at $12.34. Approximately 11,971,783 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 39,889,629 shares. The stock had previously closed at $12.22.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RIVN. Canaccord Genuity Group decreased their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. JPMorgan Chase & Co. lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Robert W. Baird lowered their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Finally, Barclays dropped their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. One research 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 data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Price Performance

The stock has a market cap of $12.48 billion, a price-to-earnings ratio of -2.20 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a 50-day simple moving average of $10.66 and a two-hundred day simple moving average of $12.44.

Insider Transactions at Rivian Automotive

In other Rivian Automotive 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 transaction of $32,196.30. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on 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 directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,210 shares of company stock worth $3,079,695 in the last ninety days. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Quent Capital LLC increased its stake in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC boosted its position in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.