Rivian Automotive (NASDAQ:RIVN) Shares Up 5.5% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 5.5% during mid-day trading on Friday . The company traded as high as $13.93 and last traded at $14.03. Approximately 10,081,368 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 32,019,018 shares. The stock had previously closed at $13.30.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of analyst reports. Piper Sandler dropped their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock 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 research note on Wednesday, December 18th. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Mizuho lowered their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock Up 5.5 %

The company’s fifty day moving average is $13.59 and its 200-day moving average is $12.56. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 363,142 shares of company stock valued at $4,958,860 in the last three months. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in RIVN. CWM LLC boosted its position in shares of Rivian Automotive by 15.6% during the 3rd quarter. CWM LLC now owns 46,116 shares of the electric vehicle automaker’s stock valued at $517,000 after acquiring an additional 6,234 shares during the last quarter. Creative Planning boosted its position in shares of Rivian Automotive by 6.7% during the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock valued at $1,298,000 after acquiring an additional 7,236 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares during the last quarter. Bleakley Financial Group LLC bought a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $310,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Rivian Automotive by 55.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,764 shares of the electric vehicle automaker’s stock valued at $828,000 after acquiring an additional 26,374 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.