Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s stock price shot up 5.2% during trading on Friday . The stock traded as high as $15.72 and last traded at $15.63. Approximately 41,655,461 shares traded hands during trading, an increase of 39% from the average daily volume of 29,988,424 shares. The stock had previously closed at $14.86.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on RIVN shares. TD Cowen restated a “buy” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. Weiss Ratings cut Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 18th. Benchmark restated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 10th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $18.57.
View Our Latest Stock Analysis on RIVN
Rivian Automotive Stock Up 5.2%
Insider Buying and Selling at Rivian Automotive
In other news, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the sale, the chief financial officer owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% 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 have sold 100,340 shares of company stock valued at $1,560,246 in the last three months. Insiders own 1.48% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. boosted its position in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc increased its position in Rivian Automotive by 96.3% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 852 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.
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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