Rivian Automotive (NASDAQ:RIVN) Trading Up 0.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 0.7% during trading on Tuesday . The company traded as high as $14.12 and last traded at $13.59. Approximately 8,470,791 shares were traded during trading, a decline of 80% from the average daily volume of 42,615,133 shares. The stock had previously closed at $13.49.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. JPMorgan Chase & Co. dropped their target price 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. Finally, Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Price Performance

The firm has a market capitalization of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.05. The company has a fifty day moving average of $12.80 and a 200 day moving average of $13.06. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Monday, November 18th. The shares were 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 in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,429 shares of company stock worth $4,467,450. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. John G Ullman & Associates Inc. increased its position in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the period. Intech Investment Management LLC increased its holdings in shares of Rivian Automotive by 1.4% during the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after acquiring an additional 1,055 shares in the last quarter. Tradition Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its position in Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares during the period. Institutional investors and hedge funds 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.