Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.5% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 1.5% during mid-day trading on Thursday . The company traded as high as $13.75 and last traded at $13.26. Approximately 9,776,943 shares traded hands during trading, a decline of 76% from the average daily volume of 39,931,309 shares. The stock had previously closed at $13.06.

Analyst Upgrades and Downgrades

A number of research firms have commented on RIVN. Barclays decreased their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Robert W. Baird restated a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Needham & Company LLC decreased their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Mizuho dropped their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

The firm has a market capitalization of $14.12 billion, a P/E ratio of -2.47 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a 50-day moving average price of $11.44 and a two-hundred day moving average price of $12.76.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,904 shares of company stock valued at $3,291,004 in the last three months. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC raised its stake in shares of Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after acquiring an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. lifted its position in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC boosted its stake in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after acquiring an additional 148,197 shares in 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.