Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.5% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 1.5% during trading on Thursday . The stock traded as high as $13.75 and last traded at $13.26. 9,776,943 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 39,931,309 shares. The stock had previously closed at $13.06.

Analysts Set New Price Targets

RIVN has been the topic of several recent analyst reports. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a "buy" rating and a $18.00 target price on the stock. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Wells Fargo & Company decreased their target price on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Barclays dropped their price target on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a "peer perform" rating on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $15.74.

Rivian Automotive Price Performance

The company has a 50-day moving average of $11.32 and a two-hundred day moving average of $12.74. 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 stock has a market capitalization of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business'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 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 position. The disclosure for this sale can be found here. Insiders sold a total of 267,904 shares of company stock valued at $3,291,004 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. increased its position in shares of 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 worth $29,000 after acquiring an additional 1,002 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter valued at $37,000. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after acquiring an additional 670 shares in the last quarter. Finally, American Capital Advisory LLC boosted its position in 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 period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.