Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) traded down 3.4% on Tuesday . The company traded as low as $12.65 and last traded at $12.90. 40,653,607 shares traded hands during mid-day trading, an increase of 38% from the average session volume of 29,353,195 shares. The stock had previously closed at $13.35.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on RIVN shares. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. BNP Paribas Exane reiterated an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Piper Sandler dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Tigress Financial reaffirmed a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Finally, Weiss Ratings downgraded shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.57.
Read Our Latest Report on RIVN
Rivian Automotive Price Performance
Insider Activity
In other news, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 21,446 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total transaction of $346,781.82. Following the transaction, the chief executive officer directly owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. The trade was a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 148,888 shares of company stock valued at $2,411,276. Company insiders own 2.16% of the company’s stock.
Institutional Investors Weigh In On Rivian Automotive
A number of hedge funds have recently made changes to their positions in the stock. Edgestream Partners L.P. raised its holdings in Rivian Automotive by 47.9% in the first quarter. Edgestream Partners L.P. now owns 394,487 shares of the electric vehicle automaker’s stock worth $5,937,000 after purchasing an additional 127,788 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Rivian Automotive by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 53,360 shares of the electric vehicle automaker’s stock valued at $803,000 after buying an additional 2,059 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Rivian Automotive by 126.4% in the 1st quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker’s stock valued at $7,103,000 after buying an additional 263,478 shares in the last quarter. SummitTX Capital L.P. purchased a new position in shares of Rivian Automotive in the 1st quarter worth approximately $386,000. Finally, OMERS ADMINISTRATION Corp grew its position in shares of Rivian Automotive by 35.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 32,542 shares of the electric vehicle automaker’s stock worth $490,000 after buying an additional 8,528 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.
Rivian Automotive Company Profile
Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.
Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.
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