Rivian Automotive (NASDAQ:RIVN) Trading Up 4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 4% during trading on Friday . The company traded as high as $16.17 and last traded at $16.00. Approximately 17,364,821 shares were traded during trading, a decline of 45% from the average daily volume of 31,288,555 shares. The stock had previously closed at $15.38.

Analyst Ratings Changes

Several brokerages have recently weighed in on RIVN. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a research report on Friday, July 31st. TD Cowen upped their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft downgraded shares of Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday. Finally, Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Stock Up 4.0%

The firm’s 50-day moving average price is $16.65 and its 200-day moving average price is $15.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The company has a market cap of $21.78 billion, a price-to-earnings ratio of -6.20 and a beta of 1.61.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction on Thursday, May 28th. The stock was 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 in the company, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 68,385 shares of company stock valued at $1,125,094. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Core Wealth Advisors LLC purchased a new position in Rivian Automotive in the 4th quarter worth approximately $27,000. Zions Bancorporation National Association UT purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Rivian Automotive by 96.3% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $39,000. 66.25% of the stock is 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.