Rivian Automotive (NASDAQ:RIVN) Trading Up 0.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.3% on Wednesday . The stock traded as high as $12.67 and last traded at $12.48. Approximately 7,755,371 shares changed hands during trading, a decline of 76% from the average daily volume of 32,485,953 shares. The stock had previously closed at $12.44.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Royal Bank of Canada lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Up 0.8 %

The stock has a market capitalization of $12.80 billion, a PE ratio of -2.24 and a beta of 2.04. The stock’s 50-day moving average price is $13.54 and its two-hundred day moving average price is $12.60. 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 at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, 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 quarter, insiders sold 363,142 shares of company stock valued at $4,958,860. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the company. IPG Investment Advisors LLC increased its position in Rivian Automotive by 183.1% in the fourth quarter. IPG Investment Advisors LLC now owns 51,746 shares of the electric vehicle automaker’s stock worth $688,000 after buying an additional 33,470 shares in the last quarter. California Public Employees Retirement System lifted its position in Rivian Automotive by 19.7% in the fourth quarter. California Public Employees Retirement System now owns 1,265,248 shares of the electric vehicle automaker’s stock worth $16,828,000 after buying an additional 208,326 shares during the last quarter. Summit Securities Group LLC boosted its stake in Rivian Automotive by 74.9% during the fourth quarter. Summit Securities Group LLC now owns 3,952 shares of the electric vehicle automaker’s stock worth $53,000 after buying an additional 1,693 shares during the period. Allstate Corp purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $297,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $1,071,000. 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.