Rivian Automotive Shares Surge 4.3% Amid Mixed Analyst Ratings

Rivian Automotive, Inc. experienced a notable increase in its stock price, rising by 4.3% on Friday. The shares reached a high of $17.06 before closing at $16.8760. During mid-day trading, the company saw a volume of 18,533,506 shares exchanged, marking a 52% decline from the average session volume of 38,327,645 shares. The previous close was $16.18, indicating a positive shift for the electric vehicle manufacturer.

Analysts Weigh In on Rivian’s Future

A range of analysts has provided insights on Rivian’s stock, reflecting a spectrum of opinions. On November 17, 2023, analysts at Stifel Nicolaus raised their price target from $16.00 to $17.00, maintaining a “buy” rating. Conversely, The Goldman Sachs Group reduced their target from $15.00 to $13.00, assigning a “neutral” rating on November 5, 2023. Additionally, Mizuho reiterated an “underperform” rating, adjusting their price target down from $14.00 to $10.00.

The consensus from analysts reveals a mixed outlook, with six investment analysts recommending a “buy” rating, while sixteen suggest holding the stock, and five recommend selling. According to data from MarketBeat, Rivian currently holds a consensus rating of “hold” with a target price set at $14.34.

Insider Transactions and Institutional Movement

In recent insider trading activity, CEO Robert J. Scaringe sold 52,350 shares on November 11, 2023, at an average price of $16.60, totaling approximately $869,010. Following this transaction, Scaringe retains 1,246,405 shares, valued around $20,690,323, which reflects a 4.03% decrease in his ownership. This transaction was reported in a filing with the Securities and Exchange Commission (SEC).

In the last quarter, insiders sold 104,700 shares, amounting to $1,621,280. Currently, insiders hold 2.16% of the stock, highlighting a modest level of insider ownership.

Recent institutional movements show significant activity among large investors. For instance, Assetmark Inc. increased its stake in Rivian by 315.6% during the second quarter, now owning 1,787 shares valued at $25,000. Other notable investors include Newbridge Financial Services Group Inc., which raised its holdings by 113.6%, and Mather Group LLC, which acquired a new stake valued at $30,000. Overall, institutional investors own 66.25% of Rivian’s stock.

Rivian Automotive, based in Plymouth, Michigan, designs, develops, and manufactures electric vehicles and accessories. The company’s flagship products include the R1T, a two-row, five-passenger pickup, and the R1S, a three-row, seven-passenger sport utility vehicle. As the market for electric vehicles continues to evolve, Rivian remains a focal point for investors and analysts alike.