Rivian Automotive (NASDAQ:RIVN) Shares Up 5.1% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 5.1% during trading on Wednesday . The stock traded as high as $14.18 and last traded at $14.02. 12,869,345 shares were traded during mid-day trading, a decline of 69% from the average session volume of 41,676,266 shares. The stock had previously closed at $13.34.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Truist Financial raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday. Mizuho cut their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. JPMorgan Chase & Co. reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Royal Bank of Canada lowered their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Trading Down 1.6 %

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 business’s 50-day simple moving average is $12.89 and its two-hundred day simple moving average is $13.07. The stock has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth approximately $258,000. American Century Companies Inc. boosted its stake in Rivian Automotive by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock valued at $2,071,000 after acquiring an additional 6,105 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after acquiring an additional 29,218 shares during the last quarter. Moors & Cabot Inc. grew its holdings in Rivian Automotive by 30.7% during the 2nd quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 4,220 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Rivian Automotive in the 2nd quarter worth about $1,145,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.