Rivian Automotive (NASDAQ:RIVN) Trading Up 1.9% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 1.9% on Wednesday . The company traded as high as $12.24 and last traded at $12.11. 9,258,553 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 39,753,820 shares. The stock had previously closed at $11.88.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Guggenheim cut their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. JPMorgan Chase & Co. cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group dropped their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Stock Performance

The company has a market cap of $12.21 billion, a price-to-earnings ratio of -2.16 and a beta of 2.12. The stock’s fifty day simple moving average is $10.67 and its two-hundred day simple moving average is $12.50. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Buying and Selling

In other Rivian Automotive news, 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 completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,307 shares of company stock valued at $3,178,479 in the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. raised its stake in shares of 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 valued at $29,000 after buying an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the 2nd quarter valued at about $37,000. Finally, First Horizon Advisors Inc. raised its position in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. 66.25% of the stock is currently owned by 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.