Rivian Automotive (NASDAQ:RIVN) Trading 4.2% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 4.2% during mid-day trading on Thursday . The company traded as high as $13.99 and last traded at $13.80. 19,498,227 shares were traded during mid-day trading, a decline of 54% from the average session volume of 42,386,258 shares. The stock had previously closed at $13.25.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RIVN shares. UBS Group dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, August 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Friday. Finally, Guggenheim began coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $18.14.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock’s 50-day moving average is $14.39 and its 200 day moving average is $12.46. The stock has a market cap of $13.15 billion, a price-to-earnings ratio of -2.29 and a beta of 2.09.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold a total of 485,716 shares of company stock worth $7,509,309 over the last three months. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently bought and sold shares of the company. Quent Capital LLC grew its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the 1st quarter worth approximately $33,000. Finally, Fairman Group LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds 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.