Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.5% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 7.5% during trading on Monday . The stock traded as high as $16.88 and last traded at $16.81. Approximately 38,636,622 shares were traded during mid-day trading, an increase of 29% from the average daily volume of 30,049,139 shares. The stock had previously closed at $15.63.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research analyst reports. DA Davidson raised their price target on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. TD Cowen reaffirmed a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research report on Monday, April 6th. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Trading Up 7.5%

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 firm has a market capitalization of $20.86 billion, a price-to-earnings ratio of -5.76 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 $16.28.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital International Investors raised its holdings in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares during the period. Renaissance Technologies LLC grew its stake 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 buying an additional 4,012,386 shares during the period. Geode Capital Management LLC increased its position in shares of Rivian Automotive by 0.4% in 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. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $220,323,000. Finally, Soma Equity Partners LP lifted its holdings in shares of Rivian Automotive by 9.9% during the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after acquiring an additional 829,782 shares in the last quarter. Institutional investors and hedge funds 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.