Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.2% during trading on Tuesday . The company traded as high as $14.70 and last traded at $14.39. Approximately 20,944,055 shares changed hands during trading, a decline of 29% from the average daily volume of 29,421,480 shares. The stock had previously closed at $14.22.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Weiss Ratings cut Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Cantor Fitzgerald boosted their price objective on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, May 1st. DA Davidson boosted their price objective on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Bank of America began 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. Finally, Piper Sandler decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a report on Friday, February 13th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.57.

Rivian Automotive Stock Performance

The business’s 50-day simple moving average is $15.30 and its two-hundred day simple moving average is $16.31. 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 market cap of $17.86 billion, a price-to-earnings ratio of -4.93 and a beta of 1.64.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 21,446 shares of the stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the transaction, the chief executive officer owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. 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 a total of 92,399 shares of company stock valued at $1,443,578 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Danske Bank A S lifted its position in shares of Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after buying an additional 165,300 shares in the last quarter. Trek Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $6,115,000. New York State Common Retirement Fund increased its stake in Rivian Automotive by 36.4% during the 3rd quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock worth $8,769,000 after buying an additional 159,400 shares in the last quarter. Swedbank AB increased its stake in Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in Rivian Automotive by 85.4% during the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after buying an additional 335,511 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.