Rivian Automotive (NASDAQ:RIVN) Trading Up 1.9% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 1.9% during trading on Wednesday . The company traded as high as $12.24 and last traded at $12.11. Approximately 9,258,553 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 39,753,820 shares. The stock had previously closed at $11.88.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research reports. Truist Financial cut their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Barclays dropped their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Mizuho dropped their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. One 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Performance

The firm has a fifty day moving average price of $10.67 and a 200 day moving average price of $12.50. 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 cap of $12.21 billion, a PE ratio of -2.16 and a beta of 2.12.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the 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 approximately $12,127,675.68. This trade represents a 8.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 261,307 shares of company stock worth $3,178,479. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Baillie Gifford & Co. lifted its stake in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC lifted its stake in Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares in 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.