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

Rivian Automotive, Inc. (NASDAQ:RIVN) 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 changed hands 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

RIVN has been the topic of several recent analyst reports. Royal Bank of Canada lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Barclays lowered their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Needham & Company LLC decreased their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Piper Sandler lowered their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Finally, Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Trading Up 5.8 %

The company has a market cap of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04. The business has a fifty day simple moving average of $10.67 and a 200 day simple moving average of $12.45. 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 news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was 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 in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,210 shares of company stock worth $3,079,695 over the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Tidal Investments LLC grew its holdings in Rivian Automotive by 59.1% in the 1st quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock worth $2,706,000 after buying an additional 91,810 shares in the last quarter. Comerica Bank increased its holdings in shares of Rivian Automotive by 60.8% during the first quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock valued at $251,000 after purchasing an additional 8,653 shares during the period. Advisory Resource Group acquired a new stake in Rivian Automotive in the first quarter worth about $156,000. EMC Capital Management grew its position in Rivian Automotive by 68.0% in the 1st quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker’s stock valued at $134,000 after buying an additional 5,100 shares in the last quarter. Finally, Swedbank AB acquired a new position in Rivian Automotive during the 1st quarter valued at about $6,887,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.