Rivian Automotive (NASDAQ:RIVN) Shares Up 0.7% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price shot up 0.7% during mid-day trading on Tuesday . The company traded as high as $14.12 and last traded at $13.59. 8,470,791 shares changed hands during trading, a decline of 80% from the average session volume of 42,615,133 shares. The stock had previously closed at $13.49.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, November 11th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, November 8th. Bank of America lowered Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. The Goldman Sachs Group lifted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $15.48.

Rivian Automotive Trading Down 1.1 %

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 firm has a market cap of $13.62 billion, a PE ratio of -2.38 and a beta of 2.05. The company's 50 day moving average price is $12.66 and its 200 day moving average price is $13.06.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were 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 directly owns 378,498 shares in the company, valued at approximately $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. Insiders sold a total of 327,429 shares of company stock worth $4,467,450 over the last 90 days. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 52.5% in the third 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. Renaissance Technologies LLC lifted its position in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock valued at $33,276,000 after buying an additional 1,257,106 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Rivian Automotive in the second quarter valued at $9,388,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.