Rivian Automotive (NASDAQ:RIVN) Shares Up 5.4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 5.4% on Thursday . The company traded as high as $12.82 and last traded at $12.61. 18,546,568 shares were traded during mid-day trading, a decline of 53% from the average session volume of 39,735,078 shares. The stock had previously closed at $11.96.

Analysts Set New Price Targets

A number of research firms recently weighed in on RIVN. Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Truist Financial lowered their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group decreased their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Up 5.3 %

The company’s fifty day moving average is $10.74 and its 200 day moving average is $12.51. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s 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 sale, 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. Insiders sold a total of 261,307 shares of company stock valued at $3,178,479 in the last three months. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the 3rd quarter worth $28,000. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter worth $37,000. First Horizon Advisors Inc. raised its position in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the period. Finally, American Capital Advisory LLC raised its position in Rivian Automotive by 267.6% in 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 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.