Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.9% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.9% during trading on Monday . The company traded as high as $10.80 and last traded at $10.79. 13,296,481 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 38,821,910 shares. The stock had previously closed at $10.59.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Stifel Nicolaus reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday. Canaccord Genuity Group lowered their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.68.

Rivian Automotive Price Performance

The firm has a market cap of $12.13 billion, a PE ratio of -2.15 and a beta of 2.04. The firm’s fifty day simple moving average is $11.25 and its two-hundred day simple moving average is $12.39. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,876 shares of company stock valued at $2,153,551. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently made changes to their positions in the business. Empowered Funds LLC purchased a new stake in Rivian Automotive during the first quarter valued at approximately $111,000. Forsta AP Fonden boosted its stake in Rivian Automotive by 14.2% during the first quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock worth $1,526,000 after buying an additional 17,300 shares during the period. Bleakley Financial Group LLC increased its position in Rivian Automotive by 127.1% during the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock valued at $245,000 after acquiring an additional 12,514 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Rivian Automotive by 14.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock valued at $5,487,000 after acquiring an additional 62,199 shares during the period. Finally, Kingsview Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 21.0% in the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock worth $133,000 after acquiring an additional 2,101 shares during the last quarter. 66.25% of the stock is currently owned by 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.