Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.4% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 2.4% on Monday . The stock traded as high as $16.46 and last traded at $16.39. Approximately 17,833,027 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 31,213,197 shares. The stock had previously closed at $16.00.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. UBS Group raised their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Royal Bank Of Canada lifted their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research note on Monday. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average price target of $18.95.

Rivian Automotive Stock Up 2.4%

The company’s 50 day moving average price is $16.65 and its two-hundred day moving average price is $15.80. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The stock has a market cap of $22.31 billion, a P/E ratio of -6.35 and a beta of 1.61.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. The trade was a 0.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s 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 owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% 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 have sold 68,385 shares of company stock worth $1,125,094 in the last 90 days. 1.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in 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 acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares during the period. Empowered Funds LLC increased its stake in shares of Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares in the last quarter. Focus Partners Wealth raised its position in shares of Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

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.