Rivian Automotive Shares Climb 4.3% Amid Analyst Rating Adjustments

Rivian Automotive, Inc. (NASDAQ:RIVN) saw its share price increase by 4.3% on Friday, closing at $16.88 after reaching an intraday high of $17.06. This upward movement occurred despite a notable decline in trading volume, with 18,533,506 shares exchanged, a reduction of 52% compared to the average daily volume of 38,327,645 shares. The stock had closed at $16.18 in the previous session.

Analyst opinions on Rivian’s stock have shifted recently, reflecting a mix of confidence and caution. On November 17, 2023, Stifel Nicolaus raised its price target for Rivian from $16.00 to $17.00, maintaining a “buy” rating. This contrasts with a downgrade from Goldman Sachs, which adjusted its target price from $15.00 to $13.00 and issued a “neutral” rating on November 5, 2023. In earlier assessments, Mizuho reiterated an “underperform” rating, lowering its target from $14.00 to $10.00 on October 20, 2023, while JPMorgan Chase & Co. also increased its target from $9.00 to $10.00.

As it stands, the consensus among analysts indicates a “hold” rating, with an average price target of $14.34, according to data from MarketBeat. A total of six analysts have rated the stock as a buy, while sixteen have assigned it a hold rating, and five have issued sell ratings.

Insider Activity and Institutional Movements

In corporate news, CEO Robert J. Scaringe sold 52,350 shares of Rivian stock on November 11, 2023, at an average price of $16.60, totaling $869,010. Following this transaction, Scaringe retains ownership of 1,246,405 shares, valued at approximately $20,690,323, reflecting a 4.03% reduction in his total holdings. This sale was disclosed in a legal filing with the Securities and Exchange Commission.

In the past quarter, insiders sold a total of 104,700 shares with a combined value of $1,621,280. Currently, insiders hold 2.16% of the company’s stock.

Several institutional investors have recently adjusted their holdings in Rivian. Assetmark Inc. significantly increased its stake by 315.6% during the second quarter, now owning 1,787 shares valued at $25,000. Newbridge Financial Services Group Inc. also raised its holdings by 113.6%, acquiring 1,880 shares worth $26,000. Other notable changes include Mather Group LLC’s new stake valued at $30,000 and Hemington Wealth Management’s 291.0% increase in holdings, bringing its total to 2,123 shares worth $31,000.

Institutional investors now own approximately 66.25% of Rivian’s stock, highlighting significant interest from major financial entities.

Rivian Automotive, along with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company’s offerings include the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger SUV. As the electric vehicle market continues to evolve, Rivian’s performance and strategic decisions will be closely monitored by both investors and industry analysts.