Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 2.1% on Wednesday . The stock traded as low as $13.29 and last traded at $13.30. 40,560,926 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 39,645,727 shares. The stock had previously closed at $13.58.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on RIVN. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research report on Tuesday, October 22nd. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Finally, Truist Financial lowered their price target on Rivian Automotive from $16.00 to $12.00 and set a "hold" rating on the stock in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $15.74.
Check Out Our Latest Research Report on RIVN
Rivian Automotive Trading Down 2.1 %
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's 50 day moving average price is $12.00 and its 200 day moving average price is $12.89. The stock has a market capitalization of $13.57 billion, a P/E ratio of -2.38 and a beta of 2.12.
Insider Buying and Selling at Rivian Automotive
In related news, 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 transaction, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock valued at $3,312,443 in the last 90 days. Insiders own 2.51% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC grew its position in shares of 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 worth $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. increased its stake in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock worth $1,601,000 after acquiring an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC lifted its position in Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after acquiring an additional 148,197 shares during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.
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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