Rivian Automotive (NASDAQ:RIVN) Shares Gap Up – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price 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 changing hands.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Canaccord Genuity Group lowered their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company cut 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 report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. 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 stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Down 0.3 %

The company’s 50 day moving average price is $10.75 and its two-hundred day moving average price is $12.43. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market cap of $11.80 billion, a PE ratio of -2.07 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 8.59 % 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 the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value 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 approximately $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 169,876 shares of company stock valued at $2,142,188 over the last quarter. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the third quarter valued at $28,000. EverSource Wealth Advisors LLC increased its holdings 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 acquiring an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. lifted its stake 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 purchasing an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC boosted its holdings in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. 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.