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

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped up before the market opened on Tuesday . The stock had previously closed at $11.60, but opened at $12.24. Rivian Automotive shares last traded at $11.40, with a volume of 23,803,616 shares traded.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Barclays lowered their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Truist Financial dropped their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Finally, UBS Group cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Price Performance

The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. The business’s fifty day moving average price is $10.69 and its 200-day moving average price is $12.45. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,210 shares of company stock valued at $3,079,695 in the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Quent Capital LLC increased its holdings in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its holdings 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 buying an additional 1,002 shares during the period. EverSource Wealth Advisors LLC grew its stake in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter valued at approximately $37,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.