Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s stock price traded down 1.8% during trading on Wednesday . The company traded as low as $14.36 and last traded at $14.6210. 22,861,461 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 29,921,373 shares. The stock had previously closed at $14.89.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on RIVN. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Bank of America started coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 target price on the stock. Tigress Financial restated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, April 10th. Finally, Weiss Ratings cut Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 18th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.
Read Our Latest Stock Analysis on RIVN
Rivian Automotive Price Performance
Insiders Place Their Bets
In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,340 shares of company stock worth $1,560,246 over the last quarter. Corporate insiders own 1.48% of the company’s stock.
Institutional Trading of Rivian Automotive
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in Rivian Automotive by 1.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after buying an additional 686 shares during the period. Merit Financial Group LLC lifted its holdings in Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares during the period. Geneos Wealth Management Inc. boosted its stake in Rivian Automotive by 36.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after acquiring an additional 739 shares during the last quarter. Finally, Utah Retirement Systems boosted its stake in Rivian Automotive by 0.6% in the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock valued at $2,533,000 after acquiring an additional 744 shares during the last quarter. 66.25% of the stock is owned by 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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