Rivian Automotive (NASDAQ:RIVN) Trading 7.2% Higher – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 7.2% during trading on Friday . The stock traded as high as $16.60 and last traded at $16.30. 59,056,433 shares changed hands during trading, an increase of 99% from the average session volume of 29,604,660 shares. The stock had previously closed at $15.20.

Key Stories Impacting Rivian Automotive

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

• Positive Sentiment: Investors are focusing on Rivian’s growth story, including the upcoming R2 launch and expectations that software-related revenue could become a bigger driver as the company expands beyond its current lineup. Rivian Rallies 8% as Tesla, Nio Stall: R2 Launch and Software Growth in Focus
• Positive Sentiment: Rivian’s stock is also benefiting from improved sentiment across EV names and trader interest, which has helped push shares higher despite technical warning signs. Rivian Stock Climbs Friday: What’s Driving The Move?
• Neutral Sentiment: Rivian remains a trending stock, suggesting elevated investor attention and the potential for continued volatility as traders reassess the company’s outlook. Rivian Automotive, Inc. (RIVN) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: The biggest drag is a new NHTSA investigation into 114,922 R1S and R1T vehicles over a possible rear toe link defect, raising recall, repair, and reputational risk. US auto safety regulator opens probe into nearly 115,000 Rivian vehicles
• Negative Sentiment: Follow-up reports say the probe stems from rear suspension failures that may have caused vehicles to swerve, which could increase scrutiny and pressure on the stock if the issue widens. Rivian under investigation over rear suspension failures on R1 models

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, April 6th. Wells Fargo & Company boosted their price objective on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Jefferies Financial Group reiterated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd. Wedbush reiterated an “outperform” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, February 13th. Finally, Tigress Financial reiterated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

The stock has a market cap of $20.23 billion, a P/E ratio of -5.58 and a beta of 1.64. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The business has a 50 day simple moving average of $15.28 and a 200-day simple moving average of $16.30.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the transaction, the chief financial officer owned 946,814 shares in the company, valued at $17,042,652. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction 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 transaction, the chief executive officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 127,217 shares of company stock valued at $1,965,848 in the last 90 days. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. grew its stake in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC bought a new position in shares of Rivian Automotive during the 4th quarter worth $27,000. SOA Wealth Advisors LLC. grew its stake in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Rivian Automotive during the 3rd quarter worth $31,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive during the 4th quarter worth $33,000. Institutional investors own 66.25% of the company’s stock.

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.