Rivian Automotive (NASDAQ:RIVN) Trading Up 1.6%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 1.6% during trading on Tuesday . The company traded as high as $13.86 and last traded at $13.61. Approximately 7,232,442 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 42,581,742 shares. The stock had previously closed at $13.39.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RIVN. The Goldman Sachs Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Mizuho increased their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. Royal Bank of Canada increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Monday, July 1st. Finally, Barclays increased their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Performance

The stock has a market capitalization of $13.48 billion, a P/E ratio of -2.34 and a beta of 2.09. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average price of $14.24 and a 200-day moving average price of $12.48.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The disclosure for this sale can be found here. Insiders have sold a total of 485,716 shares of company stock valued at $7,509,309 over the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares during the period. Norges Bank purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $129,427,000. Finally, Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the period. 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.