Rivian Automotive (NASDAQ:RIVN) Trading 7.1% Higher – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 7.1% during trading on Tuesday . The stock traded as high as $14.72 and last traded at $14.54. Approximately 15,933,079 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 39,532,418 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. Canaccord Genuity Group decreased their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Royal Bank of Canada dropped their price objective 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. Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Truist Financial dropped their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Finally, Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Down 2.1 %

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 stock’s 50-day moving average price is $12.00 and its two-hundred day moving average price is $12.89. The stock has a market capitalization of $13.57 billion, a P/E ratio of -2.38 and a beta of 2.12.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on 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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 in the last 90 days. 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 bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. American Capital Advisory LLC grew its position in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after acquiring an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Rivian Automotive during the second quarter valued at about $37,000. Institutional investors own 66.25% of the company’s stock.

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.