Rivian Automotive (NASDAQ:RIVN) Trading Up 2.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.4% during trading on Monday . The stock traded as high as $12.91 and last traded at $12.79. Approximately 7,519,202 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 33,147,938 shares. The stock had previously closed at $12.48.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RIVN. Wells Fargo & Company reduced their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $15.13.

Rivian Automotive Price Performance

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 50 day simple moving average of $13.54 and a 200-day simple moving average of $12.60. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of -2.23 and a beta of 2.04.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,334 shares of the firm’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 approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s 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 sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. John G Ullman & Associates Inc. lifted its position in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. increased its stake 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 period. RFG Holdings Inc. raised its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after buying an additional 1,160 shares during the period. Finally, Freestone Capital Holdings LLC grew its holdings in Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after buying an additional 1,164 shares in the last quarter. 66.25% of the stock is 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.