Rivian Automotive (NASDAQ:RIVN) Trading Up 6.2% - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) saw its share price increase by 6.2% in midday trading on Friday. The stock reached a high of $13.13 and last changed hands at $13.10. During the trading session, about 13,923,702 shares were exchanged, which is a significant drop of 65% compared to the typical daily volume of 39,718,863 shares. The stock had closed the previous day at $12.34.

Recent Analyst Ratings

Several analysts have recently updated their outlook on Rivian Automotive's stock. Wolfe Research initiated coverage of Rivian on September 5th with a "peer perform" rating. Meanwhile, Stifel Nicolaus revised their target price from $18.00 to $16.00 while maintaining a "buy" rating in a report released on November 11th. On November 8th, Bank of America downgraded the stock from a "buy" to a "neutral" rating, adjusting the price target from $20.00 to $13.00. Deutsche Bank also issued a "hold" rating with a $14.00 price objective on September 10th. Additionally, Cantor Fitzgerald reaffirmed its "overweight" rating with a target of $19.00 on September 30th. Currently, one research analyst rates the stock as a sell, twelve analysts recommend holding it, and ten have given it a buy rating. MarketBeat reports an average rating of "Hold" for Rivian, with a consensus price target of $15.73.

Price Performance Overview

Rivian's stock has seen fluctuations, with its 50-day moving average standing at $10.71 and the 200-day moving average at $12.50. The company's financial metrics include a current ratio of 5.09, a quick ratio of 3.70, and a debt-to-equity ratio of 0.93. Rivian holds a market capitalization of $13.22 billion and presents a price-to-earnings ratio of -2.39, reflecting its current financial standing and future prospects.

Insider Transactions

On the insider front, Chief Financial Officer Claire McDonough sold 3,210 shares on November 18th at an average price of $10.03, totaling approximately $32,196.30. After the sale, their direct ownership decreased to 378,498 shares valued at about $3.79 million. Meanwhile, CEO Robert Scaringe sold 83,334 shares on November 25th at an average price of $11.25, amounting to $937,507.50. Following this transaction, the CEO holds 863,361 shares worth roughly $9.71 million. In three months, insiders have sold 261,307 shares for a total valued at $3.17 million, representing ownership of approximately 2.51% by corporate insiders.

Institutional Holdings

Recent activity among institutional investors shows a dynamic trading environment for Rivian. Wilmington Savings Fund Society FSB opened a new position during the third quarter valued at about $28,000. GHP Investment Advisors Inc. boosted its stake in Rivian by 63.2%, owning 2,588 shares worth $29,000 after increasing its holdings last quarter. EverSource Wealth Advisors LLC grew its position by 975.4% in the first quarter, now holding 2,624 shares valued at $29,000. Other firms like International Assets Investment Management purchased a new stake valued at around $37,000, while First Horizon Advisors increased their holdings by 30.7%. Currently, institutional investors and hedge funds hold 66.25% of Rivian's stock.

Company Overview

Rivian Automotive, Inc. focuses on electric vehicle manufacturing and accessories. The company offers a variety of consumer vehicles, including the R1T, a five-passenger pickup truck, and the R1S, a three-row, seven-passenger SUV.

Rivian, Trading, Analysts