Rivian Automotive (NASDAQ:RIVN) Shares Up 1.5% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 1.5% during trading on Thursday . The stock traded as high as $14.88 and last traded at $14.86. Approximately 26,311,831 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 29,893,754 shares. The stock had previously closed at $14.64.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Weiss Ratings cut Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 18th. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, April 6th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The company has a fifty day moving average price of $15.63 and a two-hundred day moving average price of $16.32. The company has a market cap of $18.44 billion, a P/E ratio of -5.09 and a beta of 1.62.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares in the company, valued at $17,042,652. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed 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 stock in a transaction that occurred on 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 directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. The trade was a 3.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,340 shares of company stock valued at $1,560,246 over the last three months. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter valued at about $220,323,000. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the period. Capital International Investors raised its holdings in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the period. AQR Capital Management LLC lifted its stake in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its stake in Rivian Automotive by 1,353.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after purchasing an additional 1,916,686 shares during the last quarter. 66.25% of the stock is 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.