Rivian Automotive (NASDAQ:RIVN) Trading Up 1.6% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.6% during mid-day trading on Thursday . The stock traded as high as $16.61 and last traded at $16.52. Approximately 31,505,366 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 30,049,369 shares. The stock had previously closed at $16.26.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Some investors are viewing Rivian’s recent job cuts as a sign the company is taking profitability more seriously, especially as it begins ramping deliveries of the lower-priced R2 SUV. RIVN Stock Layoffs: What to Know About the Latest Rivian Job Cuts
• Positive Sentiment: Another bullish article said Rivian’s R2 could be a “game changer” this year, reinforcing hopes that the new model can drive growth and improve the investment case. EVs Are Out of the Headlines. That’s Exactly Why These 2 Stocks Are Buys.
• Neutral Sentiment: Rivian’s CEO is also drawing attention for a push into humanoid robotics, which is helping fuel speculation but does not yet appear tied to near-term results. What’s Driving Rivian Shares Higher Wednesday?
• Negative Sentiment: Rivian was sued over allegations that it made false claims about the autonomous-driving capabilities of its R1T and R1S vehicles, adding legal and reputational risk. Rivian owners sue over false promises on self-driving features
• Negative Sentiment: Recent layoffs have also weighed on sentiment, with Rivian cutting hundreds of workers as it tries to reduce costs and scale profitably, which signals continued pressure on the business. Rivian lays off hundreds of workers days after new vehicle deliveries begin

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Tigress Financial reiterated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research report on Friday, April 10th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, April 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. Finally, TD Cowen reiterated a “buy” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $18.57.

Rivian Automotive Stock Up 1.6%

The stock has a market capitalization of $20.50 billion, a price-to-earnings ratio of -5.66 and a beta of 1.62. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The firm has a 50-day moving average of $15.61 and a two-hundred day moving average of $16.38.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $27,000. SOA Wealth Advisors LLC. grew its stake in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in Rivian Automotive in the fourth quarter worth approximately $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.