Rivian Automotive (NASDAQ:RIVN) Shares Up 2.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 2.4% during trading on Monday . The company traded as high as $16.46 and last traded at $16.39. 17,833,027 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 31,213,197 shares. The stock had previously closed at $16.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RIVN shares. Jefferies Financial Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. BNP Paribas Exane lifted their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a research report on Monday. Finally, DA Davidson raised their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.95.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The stock has a market capitalization of $23.06 billion, a PE ratio of -6.17 and a beta of 1.61. The firm has a fifty day moving average price of $16.62 and a two-hundred day moving average price of $15.80.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction 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 completion of the sale, the chief financial officer directly owned 887,007 shares in the company, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. 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, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. 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 a total of 68,385 shares of company stock worth $1,125,094 over the last quarter. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in the stock. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth approximately $27,000. Zions Bancorporation National Association UT bought a new position in Rivian Automotive in the fourth quarter worth approximately $33,000. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. IFC & Insurance Marketing Inc. purchased a new position in Rivian Automotive during the 4th quarter worth $39,000. Finally, Ameriflex Group Inc. purchased a new position in Rivian Automotive during the 4th quarter worth $39,000. 66.25% of the stock is owned by hedge funds and other 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.