Rivian Automotive (NASDAQ:RIVN) Trading Up 2.8% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 2.8% on Monday . The company traded as high as $10.44 and last traded at $10.34. 12,185,603 shares changed hands during trading, a decline of 69% from the average session volume of 39,552,457 shares. The stock had previously closed at $10.06.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RIVN shares. Mizuho reduced their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday. Truist Financial decreased their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Up 0.7 %

The company has a 50-day simple moving average of $11.09 and a 200-day simple moving average of $12.43. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The stock has a market cap of $10.21 billion, a P/E ratio of -1.85 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Empowered Funds LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth $111,000. Kingsview Wealth Management LLC raised its position in Rivian Automotive by 21.0% during the first quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock worth $133,000 after acquiring an additional 2,101 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Rivian Automotive by 175.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 962,139 shares of the electric vehicle automaker’s stock valued at $10,536,000 after acquiring an additional 612,499 shares during the period. Intech Investment Management LLC increased its stake in shares of Rivian Automotive by 130.6% during the 1st quarter. Intech Investment Management LLC now owns 75,912 shares of the electric vehicle automaker’s stock worth $831,000 after purchasing an additional 42,999 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 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.