Rivian Automotive (NASDAQ:RIVN) Stock Price Up 5.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 5.8% during trading on Monday . The stock traded as high as $15.38 and last traded at $15.20. 21,620,375 shares were traded during trading, a decline of 46% from the average session volume of 39,872,055 shares. The stock had previously closed at $14.37.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Truist Financial dropped their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada decreased 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 research note on Friday, November 8th. Finally, Robert W. Baird reissued a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Trading Down 4.2 %

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 business’s fifty day moving average is $11.18 and its 200 day moving average is $12.71. The stock has a market cap of $15.00 billion, a PE ratio of -2.63 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In related news, 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 in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’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 of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,403 shares of company stock valued at $3,013,489 in the last quarter. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. American Capital Advisory LLC increased 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 in the last quarter. Hantz Financial Services Inc. raised 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 purchasing an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter valued at about $37,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company 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.