Rivian Automotive (NASDAQ:RIVN) Shares Up 5.7% - What's Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 5.7% on Thursday . The stock traded as high as $13.31 and last traded at $13.20. Approximately 12,312,719 shares traded hands during trading, a decline of 62% from the average daily volume of 32,252,244 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Benchmark started coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a "buy" rating and a $18.00 price objective for the company. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $15.13.

Rivian Automotive Stock Up 2.9 %

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 company has a market capitalization of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.04. The stock has a 50 day moving average price of $13.59 and a 200 day moving average price of $12.52.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares of the company's stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 359,932 shares of company stock worth $4,926,664. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. Neo Ivy Capital Management lifted its stake in shares of Rivian Automotive by 23.8% in the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker's stock worth $2,097,000 after acquiring an additional 30,300 shares during the period. Orion Capital Management LLC bought a new position in Rivian Automotive during the 4th quarter worth approximately $34,000. Elequin Capital LP bought a new position in Rivian Automotive during the 4th quarter worth approximately $49,000. Valueworks LLC lifted its position in shares of Rivian Automotive by 17.1% in the 4th quarter. Valueworks LLC now owns 1,238,315 shares of the electric vehicle automaker's stock worth $16,470,000 after purchasing an additional 180,860 shares during the period. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at $17,087,000. Institutional investors 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.