Sunday, June 26, 2022

Insider Buying: FLATLEY JAY T, Rivian Automotive Inc. [RIVN] Director acquired 40,000 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Rivian Automotive Inc. shares valued at $1,172,400 were purchased by FLATLEY JAY T on May 26. At $29.31 per share, FLATLEY JAY T acquired 40,000 shares. The insider’s holdings grew to 92,616 shares worth approximately $2.65 million following the completion of this transaction.

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Also, Behl Jiten sold 1,608 shares, netting a total of over 41,535 in proceeds. Following the sale of shares at $25.83 each, the insider now holds 25,900 shares.

Before that, Scaringe Robert J had added 41,000 shares to its account. In a trade valued at $1,056,865, the Chief Executive Officer bought Rivian Automotive Inc. shares for $25.78 each. Upon closing the transaction, the insider’s holdings increased to 41,000 shares, worth approximately $4.83 million.

As published in their initiating research note from DA Davidson on June 02, 2022, Rivian Automotive Inc. [RIVN] has been an Underperform and the price target has been revised to $24. This represents a -19.0% premium over Wednesday’s closing price. Analysts at Exane BNP Paribas upgraded the stock from ‘”an Underperform”‘ to ‘”a Neutral”‘ outlook in a report released in mid May. As of April 11, 2022, Exane BNP Paribas has initiated its “an Underperform” rating for RIVN. Earlier on March 04, 2022, Robert W. Baird resumed its rating. Their recommendation was “an Outperform” for RIVN stock.

Analyzing RIVN’s Price Performance

On Wednesday, Rivian Automotive Inc. [NASDAQ: RIVN] plunged -1.75% to $28.56. The stock’s lowest price that day was $28.23, but it reached a high of $29.98 in the same session. During the last five days, there has been a surge of approximately 4.62%. Over the course of the year, Rivian Automotive Inc. shares have dropped approximately -72.46%. Nevertheless, trading volume fell to 16.11 million shares from 25.62 million shares the previous day.

Support And Resistance Levels for Rivian Automotive Inc. (RIVN)

According to the 24-hour chart, there is a support level at 27.87, which, if violated, would cause prices to drop to 27.17. In the upper region, resistance lies at 29.62. The next price resistance is at 30.67. RSI (Relative Strength Index) is 48.49 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.71, which suggests the price will decrease in the coming days. Percent R is at 58.75%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Rivian Automotive Inc. subject to short interest?

Stocks of Rivian Automotive Inc. saw a sharp rise in short interest on Apr 28, 2022 jumping by 3.25 million shares to 53.02 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 49.77 million shares. A jump of 6.13% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.38 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.38.

Which companies own the most shares of Rivian Automotive Inc. (RIVN)?

According to T. Rowe Price Associates, Inc. filings, the company currently owns 162,796,212 shares, which is about 18.23% of the total RIVN shares outstanding. The investor’s shares have appreciated by 715,789 from its previous 13-F filing of 162080423.0 shares. With the completion of the buy, Capital Research & Management Co’s stake is now worth $975,736,537. Coatue Management LLC reduced a -12.45% interest valued at $968.35 million while Fidelity Management & Research Co sold a -2,048,032 stake. A total of -102,696 shares of Rivian Automotive Inc. were sold by BlackRock Investment Management L during the quarter, and 0 were sold by Soros Fund Management LLC. In its current portfolio, D1 Capital Partners LP holds 15,590,987 shares valued at $489.56 million.

In terms of Rivian Automotive Inc. share price expectations, FactSet research, analysts set an average price target of $51.60 in the next 12 months, up nearly 51.36% from the previous closing price of $29.07. Analysts anticipate Rivian Automotive Inc. stock to reach $108.00 by 2022, with the lowest price target being $24.00. In spite of this, 18 analysts ranked Rivian Automotive Inc. stock as an Overweight at the end of 2022. On March 02, 2022, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and reiterated coverage with a $116.

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