Rivian Automotive (NASDAQ:RIVN) Stock Price Up 21.4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 21.4% on Friday . The stock traded as high as $16.15 and last traded at $16.08. 53,514,146 shares traded hands during trading, an increase of 40% from the average session volume of 38,227,508 shares. The stock had previously closed at $13.25.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wells Fargo & Company cut their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. The Goldman Sachs Group lifted their price target on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Performance

The stock’s 50-day moving average price is $12.18 and its 200 day moving average price is $12.95. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $16.83 billion, a P/E ratio of -2.94 and a beta of 2.12.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 256,000 shares of company stock valued at $3,312,443 in the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new position in Rivian Automotive during the 4th quarter valued at about $380,000. GAMMA Investing LLC boosted its stake in shares of Rivian Automotive by 82.6% in the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after purchasing an additional 4,022 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Rivian Automotive by 72.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock valued at $994,000 after acquiring an additional 37,647 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after purchasing an additional 60,205 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive during the 3rd quarter worth about $28,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

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.