Rivian Automotive (NASDAQ:RIVN) Trading Up 17.5% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 17.5% on Wednesday . The company traded as high as $13.10 and last traded at $12.43. Approximately 65,488,875 shares were traded during mid-day trading, an increase of 68% from the average daily volume of 39,063,605 shares. The stock had previously closed at $10.58.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Wolfe Research started coverage on Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Down 14.3 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The company’s fifty day moving average price is $11.15 and its 200 day moving average price is $12.38.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. 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 this hyperlink. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC raised its stake in Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after acquiring an additional 51,464 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Renaissance Capital LLC increased its stake in Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after buying an additional 148,197 shares during the period. Private Advisory Group LLC acquired a new position in Rivian Automotive during the 3rd quarter valued at about $2,109,000. Finally, Royal London Asset Management Ltd. lifted its stake in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.