Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 1.7% during trading on Tuesday . The company traded as low as $15.08 and last traded at $15.45. 16,861,422 shares were traded during mid-day trading, a decline of 70% from the average session volume of 56,759,730 shares. The stock had previously closed at $15.72.
Analysts Set New Price Targets
RIVN has been the topic of a number of analyst reports. Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. Canaccord Genuity Group lowered their price target on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Monday, October 7th. Piper Sandler cut their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, November 8th. Guggenheim lowered their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Finally, Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $15.48.
Get Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Trading Down 4.9 %
The stock's 50-day simple moving average is $12.28 and its 200-day simple moving average is $13.00. 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 has a market capitalization of $15.26 billion, a PE ratio of -2.67 and a beta of 2.05.
Insider Buying and Selling at Rivian Automotive
In related news, CFO Claire Mcdonough sold 8,097 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction 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 transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 256,000 shares of company stock valued at $3,312,443. 2.51% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Rivian Automotive
Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 79.2% during the 3rd 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 purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock worth $608,000 after acquiring an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC lifted its position in Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock valued at $5,964,000 after acquiring an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC increased its holdings in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock worth $9,958,000 after purchasing an additional 148,197 shares in the last quarter. 66.25% of the stock is 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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