Rivian Automotive (NASDAQ:RIVN) Shares Up 5.5% - What's Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 5.5% on Friday . The stock traded as high as $13.93 and last traded at $14.03. 10,081,368 shares were traded during trading, a decline of 69% from the average session volume of 32,019,018 shares. The stock had previously closed at $13.30.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wedbush reiterated an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Monday, January 6th. JPMorgan Chase & Co. cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 22nd. Truist Financial upped their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada cut their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $15.13.

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Rivian Automotive Price Performance

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 company has a 50-day simple moving average of $13.59 and a 200-day simple moving average of $12.52. The stock has a market cap of $14.32 billion, a PE ratio of -2.51 and a beta of 2.04.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the business's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,932 shares of company stock worth $4,926,664 over the last 90 days. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in shares of 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 worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive in the fourth quarter worth $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the fourth quarter worth $123,308,000. Finally, Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 shares in 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.