Rivian Automotive (NASDAQ:RIVN) Trading Up 1.5% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 1.5% during trading on Friday . The company traded as high as $10.22 and last traded at $10.17. Approximately 6,098,315 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 39,470,871 shares. The stock had previously closed at $10.02.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Wells Fargo & Company lowered their price objective 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. Piper Sandler cut their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. The firm’s 50 day moving average price is $10.75 and its 200-day moving average price is $12.40.

Insiders Place Their Bets

In other 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 transaction of $32,196.30. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock worth $2,142,188. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its stake 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 acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC boosted its stake in Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Renaissance Technologies LLC boosted its stake in 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 worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. Finally, abrdn plc raised its position in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.