Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) traded up 1.6% during trading on Thursday . The stock traded as high as $16.61 and last traded at $16.52. Approximately 31,505,366 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 30,049,369 shares. The stock had previously closed at $16.26.
Key Rivian Automotive News
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Some investors are viewing Rivian’s recent job cuts as a sign the company is taking profitability more seriously, especially as it begins ramping deliveries of the lower-priced R2 SUV. RIVN Stock Layoffs: What to Know About the Latest Rivian Job Cuts
- Positive Sentiment: Another bullish article said Rivian’s R2 could be a “game changer” this year, reinforcing hopes that the new model can drive growth and improve the investment case. EVs Are Out of the Headlines. That’s Exactly Why These 2 Stocks Are Buys.
- Neutral Sentiment: Rivian’s CEO is also drawing attention for a push into humanoid robotics, which is helping fuel speculation but does not yet appear tied to near-term results. What’s Driving Rivian Shares Higher Wednesday?
- Negative Sentiment: Rivian was sued over allegations that it made false claims about the autonomous-driving capabilities of its R1T and R1S vehicles, adding legal and reputational risk. Rivian owners sue over false promises on self-driving features
- Negative Sentiment: Recent layoffs have also weighed on sentiment, with Rivian cutting hundreds of workers as it tries to reduce costs and scale profitably, which signals continued pressure on the business. Rivian lays off hundreds of workers days after new vehicle deliveries begin
Analysts Set New Price Targets
Several research firms recently issued reports on RIVN. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. TD Cowen reaffirmed a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Weiss Ratings raised Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group restated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.57.
Rivian Automotive Price Performance
The company has a market capitalization of $20.50 billion, a P/E ratio of -5.66 and a beta of 1.62. The stock’s fifty day simple moving average is $15.61 and its 200-day simple moving average is $16.38. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This trade represents a 0.90% decrease in their position. The transaction 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, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is owned by corporate insiders.
Institutional Trading of Rivian Automotive
Hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its holdings in shares of Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares during the period. Illinois Municipal Retirement Fund grew its position in Rivian Automotive by 1.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after buying an additional 686 shares in the last quarter. Merit Financial Group LLC increased its stake in Rivian Automotive by 3.2% during the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after acquiring an additional 718 shares during the period. Geneos Wealth Management Inc. raised its holdings in Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after acquiring an additional 739 shares in the last quarter. Finally, Utah Retirement Systems lifted its position in shares of Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after acquiring an additional 744 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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