Rivian Automotive (NASDAQ:RIVN) Shares Up 2.8% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.8% during mid-day trading on Monday . The company traded as high as $10.44 and last traded at $10.34. 12,185,603 shares were traded during trading, a decline of 69% from the average session volume of 39,552,457 shares. The stock had previously closed at $10.06.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIVN. Wells Fargo & Company decreased their price target on 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. Robert W. Baird decreased their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Royal Bank of Canada decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Piper Sandler reduced their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Up 1.0 %

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 fifty day moving average price of $10.97 and a 200 day moving average price of $12.43. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of -1.82 and a beta of 2.04.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 of the company’s stock, 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 90 days, insiders sold 169,876 shares of company stock valued at $2,142,188. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kingsview Wealth Management LLC lifted its stake in shares of Rivian Automotive by 21.0% in the first quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock worth $133,000 after acquiring an additional 2,101 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in Rivian Automotive by 175.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 962,139 shares of the electric vehicle automaker’s stock worth $10,536,000 after purchasing an additional 612,499 shares during the period. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after purchasing an additional 1,226,357 shares during the period. UniSuper Management Pty Ltd lifted its position in Rivian Automotive by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 9,400 shares of the electric vehicle automaker’s stock worth $103,000 after purchasing an additional 4,700 shares during the period. Finally, Delap Wealth Advisory LLC acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at $181,000. Institutional investors and hedge funds 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.