Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 2% on Tuesday . The company traded as low as $12.60 and last traded at $12.74. Approximately 4,570,925 shares traded hands during trading, a decline of 86% from the average daily volume of 32,663,564 shares. The stock had previously closed at $12.99.
Analysts Set New Price Targets
A number of research firms have commented on RIVN. JPMorgan Chase & Co. cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research report on Tuesday, October 22nd. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, November 8th. The Goldman Sachs Group upped their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Finally, Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $15.13.
View Our Latest Stock Report on RIVN
Rivian Automotive Price Performance
The firm has a market capitalization of $14.32 billion, a P/E ratio of -2.51 and a beta of 2.04. 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 firm has a 50 day moving average price of $13.59 and a 200-day moving average price of $12.56.
Insider Activity
In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the business's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Capital International Investors purchased a new position in Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $123,308,000. Finally, Northern Trust Corp lifted its position in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. 66.25% of the stock is currently owned by hedge funds and other 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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