Rivian Automotive (NASDAQ:RIVN) Shares Up 1.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 1.8% during mid-day trading on Monday . The company traded as high as $17.79 and last traded at $17.16. Approximately 43,145,737 shares traded hands during trading, an increase of 13% from the average daily volume of 38,348,688 shares. The stock had previously closed at $16.86.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIVN shares. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Stifel Nicolaus raised their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Friday, October 3rd. Tigress Financial raised their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Six research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.34.

Rivian Automotive Price Performance

The firm has a fifty day moving average price of $14.45 and a two-hundred day moving average price of $13.93. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $21.04 billion, a P/E ratio of -5.52 and a beta of 1.79.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 104,700 shares of company stock valued at $1,621,280 over the last three months. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Brighton Jones LLC increased its holdings in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Rivian Automotive by 4.3% during the first quarter. Avantax Advisory Services Inc. now owns 24,204 shares of the electric vehicle automaker’s stock valued at $301,000 after buying an additional 999 shares during the last quarter. LPL Financial LLC boosted its position in shares of Rivian Automotive by 0.6% during the first quarter. LPL Financial LLC now owns 612,403 shares of the electric vehicle automaker’s stock valued at $7,624,000 after buying an additional 3,719 shares during the last quarter. Foundations Investment Advisors LLC bought a new stake in Rivian Automotive in the 1st quarter worth about $169,000. Finally, Arkadios Wealth Advisors raised its position in Rivian Automotive by 15.5% in the 1st quarter. Arkadios Wealth Advisors now owns 12,294 shares of the electric vehicle automaker’s stock worth $153,000 after buying an additional 1,648 shares during the last quarter. 66.25% of the stock is currently 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.