Rivian Automotive (NASDAQ:RIVN) Shares Gap Up - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $11.60, but opened at $12.24. Rivian Automotive shares last traded at $11.40, with a volume of 23,803,616 shares.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler cut their price target on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, November 8th. Robert W. Baird reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Monday, October 7th. Bank of America cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $15.73.

Rivian Automotive Trading Down 0.4 %

The company has a market cap of $11.79 billion, a P/E ratio of -2.10 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm's 50-day moving average price is $10.72 and its 200-day moving average price is $12.44.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock worth $2,142,188. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIVN. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. increased its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive during the 2nd quarter valued at $37,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.