Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 0.3% on Wednesday . The company traded as high as $12.67 and last traded at $12.48. Approximately 7,755,371 shares were traded during trading, a decline of 76% from the average daily volume of 32,485,953 shares. The stock had previously closed at $12.44.
Wall Street Analyst Weigh In
RIVN has been the topic of a number of research analyst reports. Guggenheim reduced their target price on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Monday, January 6th. Barclays upped their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target on the stock. Finally, Mizuho lowered their price objective on Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $15.13.
Read Our Latest Analysis on Rivian Automotive
Rivian Automotive Stock Performance
The company has a market cap of $14.32 billion, a PE ratio of -2.51 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm's 50 day moving average is $13.59 and its 200-day moving average is $12.56.
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 363,142 shares of company stock valued at $4,958,860. Corporate insiders own 2.51% of the company's stock.
Institutional Investors Weigh In On Rivian Automotive
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. raised its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors acquired a new position in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter valued at $123,308,000. Finally, Northern Trust Corp increased its stake in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.
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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