Rivian Automotive (NASDAQ:RIVN) Trading 1.8% Higher – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 1.8% on Tuesday . The company traded as high as $15.60 and last traded at $14.96. 36,346,795 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 28,940,902 shares. The stock had previously closed at $14.69.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. Stifel Nicolaus boosted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Wedbush boosted their price target on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, December 19th. Wolfe Research downgraded Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Needham & Company LLC boosted their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.74.

Rivian Automotive Trading Up 1.8%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market cap of $18.34 billion, a price-to-earnings ratio of -4.81 and a beta of 1.76. The firm’s fifty day moving average is $17.84 and its 200-day moving average is $15.28.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total value of $279,723.50. Following the completion of the sale, the chief executive officer directly owned 1,115,209 shares in the company, valued at approximately $17,876,800.27. The trade was a 1.54% 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. Also, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 120,154 shares of company stock worth $2,143,724 in the last 90 days. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the stock. Natixis Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at about $267,000. AXQ Capital LP increased its position in Rivian Automotive by 23.7% in the 4th quarter. AXQ Capital LP now owns 82,992 shares of the electric vehicle automaker’s stock valued at $1,636,000 after buying an additional 15,909 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in Rivian Automotive during the 4th quarter worth approximately $27,000. MUFG Securities EMEA plc bought a new position in Rivian Automotive in the fourth quarter worth approximately $24,263,000. Finally, Norges Bank bought a new position in Rivian Automotive in the fourth quarter worth approximately $220,323,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.