Rivian Automotive (NASDAQ:RIVN) Shares Gap Up – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share 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.

Analyst Upgrades and Downgrades

Several research analysts have commented on RIVN shares. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Robert W. Baird cut their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, Mizuho cut their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04. The business has a 50-day moving average price of $10.69 and a 200 day moving average price of $12.45.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,210 shares of company stock worth $3,079,695 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC increased its position in Rivian Automotive by 1,870.7% during the third 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 during the last quarter. Mizuho Markets Americas LLC increased its position in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Rivian Automotive by 543.8% in the 3rd 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 boosted its holdings in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares during the last quarter. Finally, Private Advisory Group LLC purchased a new stake in Rivian Automotive during the third quarter valued at approximately $2,109,000. 66.25% of the stock is currently owned by hedge funds and other 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.