Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 2.1% on Thursday after Truist Financial lowered their price target on the stock from $16.00 to $12.00. Truist Financial currently has a hold rating on the stock. Rivian Automotive traded as low as $9.98 and last traded at $10.02. 8,870,183 shares were traded during mid-day trading, a decline of 78% from the average session volume of 39,540,828 shares. The stock had previously closed at $10.24.
RIVN has been the subject of several other research reports. Piper Sandler reiterated an "overweight" rating and issued a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 26th. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Needham & Company LLC dropped their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $17.18.
View Our Latest Report on RIVN
Insider Activity
In related news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,305 shares of company stock worth $3,369,273. 2.30% of the stock is owned by company insiders.
Institutional Investors Weigh In On Rivian Automotive
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock worth $761,459,000 after buying an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 30.5% in the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker's stock worth $443,072,000 after acquiring an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock worth $39,889,000 after purchasing an additional 1,039,758 shares during the period. 66.25% of the stock is currently owned by institutional investors.
Rivian Automotive Stock Performance
The business's 50-day moving average is $12.53 and its 200 day moving average is $12.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $10.07 billion, a PE ratio of -1.75 and a beta of 2.03.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.
Rivian Automotive Company Profile
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Get Free Report)
Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.
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