Rivian Automotive (NASDAQ:RIVN) Trading 5.2% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 5.2% during trading on Friday . The company traded as high as $15.72 and last traded at $15.63. 41,655,461 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 29,988,424 shares. The stock had previously closed at $14.86.

Analyst Ratings Changes

A number of analysts have recently issued reports on RIVN shares. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. DA Davidson increased their target price on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Finally, Bank of America assumed coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Up 5.2%

The company has a market cap of $19.40 billion, a PE ratio of -5.35 and a beta of 1.62. The stock’s 50 day moving average price is $15.61 and its 200-day moving average price is $16.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% 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. Insiders sold 100,340 shares of company stock valued at $1,560,246 over the last three months. 1.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the stock. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. increased its stake in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,395 shares during the period. Zions Bancorporation National Association UT bought a new stake in Rivian Automotive during the 4th quarter valued at $33,000. Glass Jacobson Investment Advisors llc raised its holdings in Rivian Automotive by 96.3% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 852 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its position in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.