Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.1% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 7.1% during mid-day trading on Tuesday . The stock traded as high as $14.72 and last traded at $14.54. Approximately 15,933,079 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 39,532,418 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Performance

The stock’s 50 day moving average is $11.88 and its two-hundred day moving average is $12.87. The stock has a market capitalization of $14.03 billion, a price-to-earnings ratio of -2.46 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 256,000 shares of company stock valued at $3,312,443. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its position in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the period. Renaissance Technologies LLC lifted its holdings in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% in the 3rd 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 during the period. Finally, abrdn plc grew its holdings in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.