Rivian Automotive (NASDAQ:RIVN) Trading Up 7.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 7.1% during trading on Tuesday . The company traded as high as $14.72 and last traded at $14.54. 15,933,079 shares were traded during mid-day trading, a decline of 60% from the average session volume of 39,532,418 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. 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 research report on Friday, November 8th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Trading Down 2.1 %

The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of -2.38 and a beta of 2.12. The business’s fifty day moving average is $12.00 and its 200 day moving average is $12.89. 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 Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, 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. Insiders sold 256,000 shares of company stock worth $3,312,443 in the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Certuity LLC grew its stake in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the last quarter. John G Ullman & Associates Inc. boosted its holdings in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after acquiring an additional 1,000 shares during the period. GHP Investment Advisors Inc. grew its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of Rivian Automotive by 1.4% during the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock worth $1,033,000 after purchasing an additional 1,055 shares during the period. Finally, Tradition Wealth Management LLC lifted its holdings in Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.