Rivian Automotive (NASDAQ:RIVN) Trading Up 5.7% - Here's What Happened

Key Points

• Rivian shares rose 5.7% in mid-day trading, hitting as high as $18.43 on volume well above average. The move came after recent positive sentiment around the stock.
• Investors are encouraged by strong interest in Rivian’s upcoming R2 SUV and signs that the company’s software/platform work with Volkswagen could make future licensing deals easier. That raises hopes for additional high-margin partnerships.
• Wall Street remains mixed but generally constructive: TD Cowen reaffirmed a Buy rating with a $20 target, while the consensus analyst rating is Hold with an average price target of $18.57. Meanwhile, CEO and CFO recently sold shares under pre-arranged trading plans.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 5.7% during mid-day trading on Wednesday . The stock traded as high as $18.43 and last traded at $18.27. Approximately 51,389,688 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 30,039,199 shares. The stock had previously closed at $17.29.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian said its successful software and platform integration with Volkswagen Group has made future licensing deals with other automakers a “lighter lift,” boosting hopes for additional high-margin partnerships. Article Title
• Positive Sentiment: Investors are encouraged by reports of strong interest in the upcoming R2 SUV, with commentary pointing to surging order demand ahead of deliveries. Article Title
• Positive Sentiment: TD Cowen reaffirmed its Buy rating and set a $20 price target, reinforcing bullish analyst sentiment after recent gains. Article Title
• Positive Sentiment: Coverage highlighting the R2 matching Tesla Model Y range and efficiency is supporting the view that Rivian’s next-generation SUV could be competitive in the mass market. Article Title

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RIVN shares. Cantor Fitzgerald boosted their price target on shares of Rivian Automotive from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, May 1st. Tigress Financial reissued a "buy" rating and issued a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Jefferies Financial Group reissued a "hold" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Rivian Automotive from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, February 13th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $18.57.

Rivian Automotive Stock Up 5.7%

The firm has a market capitalization of $22.67 billion, a P/E ratio of -6.26 and a beta of 1.62. The firm's 50-day moving average is $15.29 and its 200 day moving average is $16.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company's stock, valued at $13,834,290. The trade was a 3.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 the business's 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 directly owned 887,007 shares in the company, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 117,790 shares of company stock worth $1,832,466 over the last three months. Insiders own 1.48% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Core Wealth Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $27,000. SOA Wealth Advisors LLC. raised its holdings in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker's stock valued at $31,000 after purchasing an additional 1,395 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $33,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 1,000 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

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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