Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.3% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.3% during mid-day trading on Wednesday . The company traded as high as $14.37 and last traded at $14.06. 15,903,836 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 39,882,773 shares. The stock had previously closed at $13.75.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Guggenheim dropped their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Barclays decreased their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada dropped their price target on 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. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Price Performance

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 company has a market capitalization of $14.35 billion, a PE ratio of -2.51 and a beta of 2.12. The firm has a 50-day moving average of $11.59 and a 200 day moving average of $12.81.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,571 shares of company stock worth $2,321,008. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. increased its holdings 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 worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% during 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 purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC raised its position in Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after buying an additional 1,039,758 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.