Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) were up 6.4% during mid-day trading on Wednesday . The stock traded as high as $13.78 and last traded at $13.73. Approximately 42,821,501 shares traded hands during trading, an increase of 45% from the average daily volume of 29,560,734 shares. The stock had previously closed at $12.90.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on RIVN shares. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Bank of America started coverage on shares of Rivian Automotive in a research note on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research note on Friday, April 10th. Finally, TD Cowen raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and raised their price target for the company from $17.00 to $20.00 in a research note on Tuesday, March 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $18.57.
View Our Latest Analysis on RIVN
Rivian Automotive Stock Performance
Insiders Place Their Bets
In other Rivian Automotive news, CFO Claire Mcdonough sold 5,544 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $13.43, for a total value of $74,455.92. Following the completion of the sale, the chief financial officer directly owned 902,630 shares in the company, valued at approximately $12,122,320.90. This trade represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert J. Scaringe sold 21,446 shares of the firm’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the completion of the sale, the chief executive officer owned 1,001,138 shares of the company’s stock, valued at $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. Insiders sold 92,399 shares of company stock valued at $1,443,578 over the last 90 days. Corporate insiders own 2.16% of the company’s stock.
Institutional Investors Weigh In On Rivian Automotive
A number of large investors have recently bought and sold shares of RIVN. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter worth $220,323,000. Renaissance Technologies LLC grew its holdings in Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after purchasing an additional 4,012,386 shares during the period. Vanguard Group Inc. grew its holdings in Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after purchasing an additional 2,597,310 shares during the period. Capital International Investors grew its holdings in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.
About Rivian Automotive
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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