Virtu Financial LLC Buys Shares of 372,933 Rivian Automotive, Inc. (NASDAQ:RIVN)

Virtu Financial LLC acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 372,933 shares of the electric vehicle automaker's stock, valued at approximately $4,184,000.

Other hedge funds have also recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after buying an additional 223,860 shares in the last quarter. Renaissance Technologies LLC increased its position in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after acquiring an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. Finally, abrdn plc boosted its position in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after acquiring an additional 518,561 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 177,974 shares of company stock valued at $2,038,483 over the last quarter. Company insiders own 2.51% of the company's stock.

Rivian Automotive Trading Up 2.8 %

NASDAQ RIVN traded up $0.38 on Thursday, hitting $14.14. 23,350,580 shares of the stock were exchanged, compared to its average volume of 39,950,461. The company's 50-day moving average price is $10.94 and its two-hundred day moving average price is $12.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a market capitalization of $14.43 billion, a price-to-earnings ratio of -2.54 and a beta of 2.12.

Analyst Ratings Changes

A number of brokerages have recently commented on RIVN. Wells Fargo & Company lowered their price target on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 15th. Canaccord Genuity Group dropped their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Monday, October 7th. Morgan Stanley lowered shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. The Goldman Sachs Group raised their price objective 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. Finally, Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $15.83.

Rivian Automotive 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.