Rivian Automotive (NASDAQ:RIVN) Trading Up 2.1% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 2.1% on Wednesday . The stock traded as high as $16.95 and last traded at $16.26. Approximately 33,835,031 shares traded hands during trading, an increase of 13% from the average daily volume of 30,036,229 shares. The stock had previously closed at $15.93.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian said it will enroll its high-capacity EV batteries in ChargeScape’s utility-managed charging programs, a partnership that could create a new revenue opportunity and improve the value proposition of Rivian vehicles. ChargeScape Inks Partnership with Rivian to Unlock EV Battery Flexibility
• Positive Sentiment: Investors are also reacting to CEO RJ Scaringe’s push into autonomous driving and robotics, which some traders see as an optional growth driver beyond Rivian’s core EV business. Rivian Shares Advance As CEO Outlines Aggressive Autonomous-Driving Roadmap

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RIVN shares. TD Cowen reiterated a “buy” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, June 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, June 10th. Finally, BNP Paribas Exane reiterated an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Trading Up 2.1%

The company has a market capitalization of $20.18 billion, a P/E ratio of -5.57 and a beta of 1.62. The business has a fifty day moving average price of $15.59 and a 200 day moving average price of $16.38. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were 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 in the company, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 100,340 shares of company stock worth $1,560,246. Corporate insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares in the last quarter. Capital International Investors raised its holdings in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after acquiring an additional 4,012,386 shares in the last quarter. Geode Capital Management LLC raised its holdings in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after acquiring an additional 59,503 shares in the last quarter. Finally, Norges Bank bought a new stake in Rivian Automotive during the fourth quarter worth about $220,323,000. Institutional investors own 66.25% of the company’s stock.

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.