Rivian Automotive (NASDAQ:RIVN) Trading Up 3.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 3.2% during mid-day trading on Thursday . The stock traded as high as $13.78 and last traded at $13.72. Approximately 14,342,929 shares changed hands during trading, a decline of 64% from the average daily volume of 39,645,727 shares. The stock had previously closed at $13.30.

Analyst Ratings Changes

RIVN has been the subject of a number of analyst reports. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Canaccord Genuity Group decreased their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. 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 report on Tuesday, October 15th. Finally, Mizuho dropped their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Trading Up 24.5 %

The company has a fifty day moving average of $12.18 and a two-hundred day moving average of $12.93. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 256,000 shares of company stock worth $3,312,443. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. American Capital Advisory LLC grew its position in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Rivian Automotive during the 2nd quarter valued at $37,000. 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.