Rivian Automotive (NASDAQ:RIVN) Shares Up 3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 3% during mid-day trading on Monday . The stock traded as high as $17.60 and last traded at $16.84. Approximately 22,531,646 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 30,081,441 shares. The stock had previously closed at $16.35.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RIVN. Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. Piper Sandler lowered their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and raised their price target for the stock from $15.00 to $16.00 in a research report on Friday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, February 13th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Up 3.0%

The company has a market capitalization of $20.90 billion, a P/E ratio of -5.77 and a beta of 1.62. The business’s fifty day moving average price is $15.45 and its 200 day moving average price is $16.34. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of Rivian Automotive stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the transaction, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This trade represents a 1.07% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 117,790 shares of company stock valued at $1,832,466. 1.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Core Wealth Advisors LLC bought a new stake in shares of Rivian Automotive during the fourth quarter worth $27,000. SOA Wealth Advisors LLC. lifted its position in Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in Rivian Automotive during the 4th quarter worth about $33,000. Glass Jacobson Investment Advisors llc grew its holdings in Rivian Automotive by 96.3% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 852 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.