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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $13.25, but opened at $13.91. Rivian Automotive shares last traded at $15.13, with a volume of 17,188,368 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial reaffirmed a "hold" rating and issued a $12.00 price objective on shares of Rivian Automotive in a research note on Friday. Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a "buy" rating and a $18.00 price target for the company. Guggenheim lowered their price objective on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Royal Bank of Canada reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Finally, Morgan Stanley cut Rivian Automotive from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.74.

Rivian Automotive Price Performance

The stock has a market cap of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock's 50 day simple moving average is $12.18 and its two-hundred day simple moving average is $12.93.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 256,000 shares of company stock valued at $3,312,443. Company insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock valued at $145,550,000 after buying an additional 223,860 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. Finally, abrdn plc grew its holdings in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after acquiring an additional 518,561 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.