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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped up prior to trading on Friday . The stock had previously closed at $13.25, but opened at $13.91. Rivian Automotive shares last traded at $15.13, with a volume of 17,188,368 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RIVN. Guggenheim lowered their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Truist Financial reiterated a “hold” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Friday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Trading Up 24.5 %

The stock has a market cap of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12. The business has a 50-day simple moving average of $12.18 and a two-hundred day simple moving average of $12.95. 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, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 256,000 shares of company stock worth $3,312,443. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. bought a new position in shares of Rivian Automotive in the 4th quarter valued at about $380,000. GAMMA Investing LLC lifted its stake in Rivian Automotive by 82.6% in the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after purchasing an additional 4,022 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Rivian Automotive by 72.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after purchasing an additional 37,647 shares during the period. Tidal Investments LLC increased its position in Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. 66.25% of the stock is 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.