Rivian Automotive (NASDAQ:RIVN) Trading 17.5% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 17.5% during trading on Wednesday . The stock traded as high as $13.10 and last traded at $12.43. 65,488,875 shares changed hands during mid-day trading, an increase of 68% from the average session volume of 39,063,605 shares. The stock had previously closed at $10.58.

Analyst Upgrades and Downgrades

Several brokerages have commented on RIVN. Truist Financial cut their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Piper Sandler dropped their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Mizuho dropped their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Guggenheim decreased their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $15.68.

Rivian Automotive Stock Up 13.0 %

The stock’s 50-day moving average price is $11.25 and its two-hundred day moving average price is $12.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock valued at $2,153,551. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the business. Empowered Funds LLC purchased a new stake in Rivian Automotive in the 1st quarter worth $111,000. Forsta AP Fonden boosted its stake in Rivian Automotive by 14.2% during the 1st quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock worth $1,526,000 after purchasing an additional 17,300 shares during the last quarter. Bleakley Financial Group LLC raised its position in shares of Rivian Automotive by 127.1% in the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock valued at $245,000 after buying an additional 12,514 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Rivian Automotive by 14.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock worth $5,487,000 after buying an additional 62,199 shares in the last quarter. Finally, Kingsview Wealth Management LLC grew its stake in Rivian Automotive by 21.0% during the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after acquiring an additional 2,101 shares in the last quarter. Institutional investors and hedge funds 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.