Rivian Automotive (NASDAQ:RIVN) Trading 1.2% Higher – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.2% on Tuesday . The stock traded as high as $12.27 and last traded at $11.74. Approximately 40,083,778 shares traded hands during trading, an increase of 1% from the average daily volume of 39,787,730 shares. The stock had previously closed at $11.60.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wolfe Research assumed coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Wells Fargo & Company cut their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. UBS Group decreased their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Performance

The stock has a market capitalization of $12.47 billion, a PE ratio of -2.18 and a beta of 2.04. 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 fifty day moving average price of $10.67 and a two-hundred day moving average price of $12.45.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated 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 directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 253,210 shares of company stock valued at $3,079,695 in the last 90 days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Tidal Investments LLC boosted its position in Rivian Automotive by 59.1% during the 1st quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock valued at $2,706,000 after acquiring an additional 91,810 shares in the last quarter. Comerica Bank grew its stake in Rivian Automotive by 60.8% in the first quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock valued at $251,000 after purchasing an additional 8,653 shares during the last quarter. Advisory Resource Group bought a new position in Rivian Automotive in the first quarter worth about $156,000. EMC Capital Management lifted its position in shares of Rivian Automotive by 68.0% during the first quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker’s stock valued at $134,000 after buying an additional 5,100 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Rivian Automotive in the 1st quarter valued at about $6,887,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.