Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $13.98 and last traded at $14.21. Approximately 32,959,061 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 56,455,809 shares. The stock had previously closed at $14.95.
Specifically, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Analysts Set New Price Targets
A number of brokerages recently weighed in on RIVN. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Robert W. Baird reissued a "neutral" rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. JPMorgan Chase & Co. decreased their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a report on Tuesday, October 22nd. Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Bank of America downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating and decreased their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.48.
Get Our Latest Research Report on RIVN
Rivian Automotive Price Performance
The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. The company's fifty day moving average price is $12.44 and its 200 day moving average price is $13.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.
Hedge Funds Weigh In On Rivian Automotive
Institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Rivian Automotive by 153.2% in the second 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. boosted its holdings 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 during the period. AQR Capital Management LLC boosted its holdings in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock valued at $33,276,000 after acquiring an additional 1,257,106 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Rivian Automotive during the second quarter worth about $9,388,000. 66.25% of the stock is owned by institutional investors.
Rivian Automotive Company Profile
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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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