Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.2% - What's Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 3.2% on Thursday . The stock traded as high as $13.78 and last traded at $13.72. 14,342,929 shares traded hands during trading, a decline of 64% from the average session volume of 39,645,727 shares. The stock had previously closed at $13.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RIVN shares. Wedbush reaffirmed an "outperform" rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Benchmark assumed coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a "buy" rating and a $18.00 target price for the company. Morgan Stanley downgraded shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, Guggenheim reduced their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $15.74.

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Rivian Automotive Stock Down 0.4 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of -2.37 and a beta of 2.12. The firm's 50 day simple moving average is $12.06 and its two-hundred day simple moving average is $12.90.

Insider Buying and Selling

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 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 $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 over the last 90 days. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Rivian Automotive by 6.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 99,378 shares of the electric vehicle automaker's stock worth $1,334,000 after purchasing an additional 6,132 shares during the last quarter. Panagora Asset Management Inc. increased its position in Rivian Automotive by 13.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 31,283 shares of the electric vehicle automaker's stock valued at $420,000 after acquiring an additional 3,637 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Rivian Automotive by 6.7% during the second quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker's stock worth $822,000 after purchasing an additional 3,849 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the second quarter worth $37,000. Finally, Commonwealth Equity Services LLC increased its holdings in Rivian Automotive by 8.5% in the second quarter. Commonwealth Equity Services LLC now owns 258,323 shares of the electric vehicle automaker's stock valued at $3,467,000 after purchasing an additional 20,232 shares during the period. 66.25% of the stock is owned by institutional investors.

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.