Rivian Automotive (NASDAQ:RIVN) Trading 4% Higher – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 4% during mid-day trading on Monday . The company traded as high as $17.20 and last traded at $16.95. 43,062,234 shares were traded during mid-day trading, an increase of 45% from the average session volume of 29,743,455 shares. The stock had previously closed at $16.30.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RIVN shares. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Cantor Fitzgerald increased their price target on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Stifel Nicolaus lifted their price target on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Finally, Bank of America began coverage on Rivian Automotive in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective on the stock. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Trading Up 4.0%

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 $21.03 billion, a P/E ratio of -5.80 and a beta of 1.62. The firm has a 50 day moving average price of $15.28 and a two-hundred day moving average price of $16.30.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 10,245 shares of Rivian Automotive stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business’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 sale, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. The trade was a 3.64% decrease in their position. 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 sold a total of 127,217 shares of company stock valued at $1,965,848 in the last quarter. 1.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Brighton Jones LLC lifted its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after buying an additional 5,590 shares in the last quarter. Empowered Funds LLC raised its position in Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after buying an additional 4,998 shares during the period. Focus Partners Wealth raised its position in Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after buying an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 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.