Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 5.8% on Monday . The stock traded as high as $15.38 and last traded at $15.20. 21,620,375 shares changed hands during trading, a decline of 46% from the average session volume of 39,872,055 shares. The stock had previously closed at $14.37.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 22nd. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, November 11th. Barclays lowered their price target on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. Benchmark began coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a "buy" rating and a $18.00 price objective on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of "Hold" and a consensus target price of $15.83.
Check Out Our Latest Stock Report on RIVN
Rivian Automotive Trading Up 6.8 %
The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market cap of $15.66 billion, a price-to-earnings ratio of -2.74 and a beta of 2.12. The business's 50-day moving average price is $11.18 and its two-hundred day moving average price is $12.71.
Insider Activity
In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,403 shares of company stock valued at $3,013,489 in the last 90 days. 2.51% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its stake in shares of Rivian Automotive by 52.5% in 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 purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC lifted its holdings in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock worth $145,550,000 after buying an additional 223,860 shares in the last quarter. Renaissance Technologies LLC boosted its position in Rivian Automotive by 153.2% in 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 buying an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. Finally, abrdn plc increased its position in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after acquiring an additional 518,561 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Rivian Automotive Company Profile
(
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.
Read More
Before you consider Rivian Automotive, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rivian Automotive wasn't on the list.
While Rivian Automotive currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
