Rivian Automotive (NASDAQ:RIVN) Trading 17.5% Higher – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 17.5% during mid-day trading on Wednesday . The stock traded as high as $13.10 and last traded at $12.43. Approximately 65,488,875 shares were traded during trading, an increase of 68% from the average daily volume of 39,063,605 shares. The stock had previously closed at $10.58.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Guggenheim cut their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Barclays lowered their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.68.

Rivian Automotive Price Performance

The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $11.25 and its 200-day moving average is $12.39.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC grew its position in Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after buying an additional 120,544 shares in the last quarter. Renaissance Capital LLC increased its position in Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after acquiring an additional 148,197 shares during the period. Private Advisory Group LLC bought a new stake in Rivian Automotive during the 3rd quarter valued at $2,109,000. Finally, Royal London Asset Management Ltd. boosted its position in Rivian Automotive by 19.6% during the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares during the period. 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.