Rivian Automotive (NASDAQ:RIVN) Trading Up 5.8% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 5.8% during trading on Thursday . The stock traded as high as $12.45 and last traded at $12.22. 48,609,797 shares were traded during mid-day trading, an increase of 21% from the average session volume of 40,022,539 shares. The stock had previously closed at $11.55.

Analysts Set New Price Targets

Several equities analysts recently commented on RIVN shares. Mizuho decreased their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Royal Bank of Canada decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Wolfe Research started coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Up 0.1 %

The company has a market cap of $12.48 billion, a P/E ratio of -2.18 and a beta of 2.04. The business’s 50 day moving average price is $10.66 and its 200-day moving average price is $12.44. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, 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. Over the last quarter, insiders have sold 261,307 shares of company stock worth $3,178,479. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares during the period. 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.