Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 0.4% on Wednesday . The stock traded as high as $10.47 and last traded at $10.21. Approximately 9,791,294 shares were traded during trading, a decline of 75% from the average daily volume of 39,566,867 shares. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RIVN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Piper Sandler cut their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Finally, UBS Group lowered their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Up 0.3 %

The company’s fifty day moving average price is $10.89 and its 200-day moving average price is $12.41. The stock has a market cap of $10.26 billion, a P/E ratio of -1.80 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.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated 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 owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, 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 169,876 shares of company stock valued at $2,142,188 in the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in Rivian Automotive during the 3rd quarter valued at about $4,184,000. Teachers Retirement System of The State of Kentucky increased its position in Rivian Automotive by 17.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 589,382 shares of the electric vehicle automaker’s stock valued at $6,613,000 after purchasing an additional 86,433 shares during the period. Toronto Dominion Bank increased its position in Rivian Automotive by 46.2% during the 3rd quarter. Toronto Dominion Bank now owns 100,700 shares of the electric vehicle automaker’s stock valued at $1,130,000 after purchasing an additional 31,815 shares during the period. Neo Ivy Capital Management purchased a new position in Rivian Automotive during the 3rd quarter valued at about $1,430,000. Finally, Coldstream Capital Management Inc. increased its position in Rivian Automotive by 12.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 54,662 shares of the electric vehicle automaker’s stock valued at $615,000 after purchasing an additional 6,201 shares during the period. Hedge funds and other institutional investors 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.