Rivian Automotive (NASDAQ:RIVN) Trading Up 5.5% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 5.5% during trading on Monday . The company traded as high as $14.19 and last traded at $14.03. Approximately 33,856,768 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 27,819,302 shares. The stock had previously closed at $13.30.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Robert W. Baird restated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Needham & Company LLC cut their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $14.22 billion, a P/E ratio of -2.49 and a beta of 2.04. The stock has a fifty day simple moving average of $13.59 and a 200-day simple moving average of $12.52.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,932 shares of company stock valued at $4,926,664 in the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of the business. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. increased its position in shares of Rivian Automotive by 63.2% during the third 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 in the last quarter. Finally, American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares in 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.