Rivian Automotive (NASDAQ:RIVN) Trading Up 4% - Here's Why

Key Points

• Rivian shares rose 4% to about $16.00, with roughly 17.4 million shares traded—below the stock’s average daily volume.
• Analyst sentiment remains mixed: 12 analysts rate Rivian a Buy, eight Hold, and seven Sell. The consensus rating is Hold, with an average price target of $18.95.
• Institutional investors own 66.25% of Rivian, while insiders have sold 68,385 shares worth approximately $1.13 million over the past 90 days.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 4% during trading on Friday . The company traded as high as $16.17 and last traded at $16.00. Approximately 17,364,821 shares changed hands during trading, a decline of 45% from the average daily volume of 31,288,555 shares. The stock had previously closed at $15.38.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. DA Davidson raised their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Royal Bank Of Canada increased their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a "sector perform" rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft downgraded shares of Rivian Automotive from a "buy" rating to an "underperform" rating in a report on Tuesday. TD Cowen lifted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, UBS Group upped their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $18.95.

Rivian Automotive Trading Up 4.0%

The firm has a market cap of $21.78 billion, a price-to-earnings ratio of -6.20 and a beta of 1.61. The business has a 50 day moving average of $16.65 and a 200 day moving average of $15.81. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director directly owned 110,000 shares of the company's stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company's stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 68,385 shares of company stock worth $1,125,094. Corporate insiders own 1.48% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors boosted its holdings in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker's stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker's stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the period. Geode Capital Management LLC increased its stake in Rivian Automotive by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker's stock valued at $290,568,000 after purchasing an additional 59,503 shares during the last quarter. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at $220,323,000. Finally, Soma Equity Partners LP lifted its position in Rivian Automotive by 9.9% during the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker's stock worth $135,126,000 after buying an additional 829,782 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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