Rivian Automotive (NASDAQ:RIVN) Shares Up 4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 4% during trading on Friday . The company traded as high as $16.17 and last traded at $16.00. 17,364,821 shares were traded during mid-day trading, a decline of 45% from the average session volume of 31,288,555 shares. The stock had previously closed at $15.38.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Friday, July 31st. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Monday, July 27th. 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 report on Friday, July 31st. Cantor Fitzgerald reiterated a “neutral” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.95.

Rivian Automotive Stock Performance

The business’s fifty day moving average price is $16.65 and its 200-day moving average price is $15.81. 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 $21.78 billion, a PE ratio of -6.20 and a beta of 1.61.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This 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 the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. The trade was 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. In the last 90 days, insiders have sold 68,385 shares of company stock valued at $1,125,094. 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 RIVN. Norges Bank purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $220,323,000. Renaissance Technologies LLC lifted its position in Rivian Automotive by 32.4% in the 4th 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 last quarter. Bank of New York Mellon Corp purchased a new stake in Rivian Automotive in the second quarter worth approximately $49,915,000. Capital International Investors boosted its stake 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 worth $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.