Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 2.7% on Tuesday . The company traded as high as $15.95 and last traded at $15.76. Approximately 23,207,889 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 31,604,945 shares. The stock had previously closed at $15.35.

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday. Morgan Stanley upped their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Friday, July 31st. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, BNP Paribas Exane lifted their price objective on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Stock Down 1.2%

The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm’s fifty day moving average price is $16.65 and its 200-day moving average price is $15.82. The company has a market cap of $20.93 billion, a price-to-earnings ratio of -5.96 and a beta of 1.61.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction 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. This represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 68,385 shares of company stock valued at $1,125,094 over the last 90 days. 1.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Rivian Automotive during the second quarter worth $49,915,000. Handelsbanken Fonder AB boosted its stake in Rivian Automotive by 2.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock worth $4,698,000 after purchasing an additional 5,600 shares during the period. Valeo Financial Advisors LLC increased its holdings in Rivian Automotive by 6.8% during the 2nd quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after purchasing an additional 1,642 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Rivian Automotive by 2.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after purchasing an additional 1,134 shares during the period. Finally, Western Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at about $179,000. 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.