Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was up 2.4% during mid-day trading on Monday . The stock traded as high as $12.91 and last traded at $12.79. Approximately 7,519,202 shares changed hands during trading, a decline of 77% from the average daily volume of 33,147,938 shares. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RIVN shares. Robert W. Baird reaffirmed a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Wedbush reaffirmed an "outperform" rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a report on Tuesday, October 22nd. Finally, UBS Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $15.13.

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Rivian Automotive Stock Up 5.5 %

The company has a market cap of $14.32 billion, a PE ratio of -2.51 and a beta of 2.04. The business has a 50-day simple moving average of $13.59 and a 200-day simple moving average of $12.56. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after acquiring an additional 849 shares during the last quarter. John G Ullman & Associates Inc. increased its stake in Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after acquiring an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. RFG Holdings Inc. increased its stake in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after acquiring an additional 1,096 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after acquiring an additional 1,160 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.