Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 4.5% during trading on Wednesday . The company traded as low as $14.13 and last traded at $14.28. 13,431,561 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 52,380,133 shares. The stock had previously closed at $14.95.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on RIVN. Canaccord Genuity Group dropped their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. Benchmark began coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a "buy" rating and a $18.00 target price for the company. Robert W. Baird reissued a "neutral" rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Stifel Nicolaus dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Finally, The Goldman Sachs Group upped their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $15.48.
Read Our Latest Analysis on RIVN
Rivian Automotive Trading Down 4.9 %
The firm's 50-day moving average price is $12.37 and its 200 day moving average price is $13.03. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05.
Insider Buying and Selling
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 in the last ninety days. Corporate insiders own 2.51% of the company's stock.
Hedge Funds Weigh In On Rivian Automotive
Several large investors have recently bought and sold shares of RIVN. Principal Financial Group Inc. lifted its stake in Rivian Automotive by 6.7% during the 2nd quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker's stock valued at $822,000 after acquiring an additional 3,849 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Rivian Automotive by 8.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 258,323 shares of the electric vehicle automaker's stock valued at $3,467,000 after purchasing an additional 20,232 shares during the last quarter. Rhumbline Advisers increased its position in shares of Rivian Automotive by 17.9% during the 2nd quarter. Rhumbline Advisers now owns 905,190 shares of the electric vehicle automaker's stock valued at $12,148,000 after purchasing an additional 137,341 shares during the last quarter. Arizona State Retirement System increased its position in shares of Rivian Automotive by 9.2% during the 2nd quarter. Arizona State Retirement System now owns 199,765 shares of the electric vehicle automaker's stock valued at $2,681,000 after purchasing an additional 16,879 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in shares of Rivian Automotive by 8.1% during the 2nd quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker's stock valued at $700,000 after purchasing an additional 3,904 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.
About Rivian Automotive
(
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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