30,096 Shares in Rivian Automotive, Inc. (NASDAQ:RIVN) Bought by QRG Capital Management Inc.

QRG Capital Management Inc. purchased a new position in Rivian Automotive, Inc. (NASDAQ:RIVN) during the 3rd quarter, Holdings Channel.com reports. The firm purchased 30,096 shares of the electric vehicle automaker’s stock, valued at approximately $338,000.

A number of other hedge funds have also bought and sold shares of RIVN. Norden Group LLC bought a new position in Rivian Automotive during the first quarter valued at $132,000. Private Advisor Group LLC increased its position in Rivian Automotive by 3.1% during the first quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker’s stock valued at $528,000 after acquiring an additional 1,432 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Rivian Automotive by 19.4% during the first quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker’s stock valued at $1,875,000 after acquiring an additional 27,784 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Rivian Automotive during the first quarter valued at $111,000. Finally, Forsta AP Fonden boosted its stake in shares of Rivian Automotive by 14.2% during the first quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock valued at $1,526,000 after purchasing an additional 17,300 shares during the period. Institutional investors own 66.25% of the company’s stock.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $11.04 on Tuesday. The company has a market capitalization of $11.13 billion, a PE ratio of -1.97 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a 50-day simple moving average of $11.30 and a two-hundred day simple moving average of $12.38. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. lowered 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 note on Tuesday, October 22nd. Truist Financial lowered their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.68.

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.