Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) have been assigned an average recommendation of “Hold” from the twenty-seven ratings firms that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $18.9545.
A number of equities analysts have issued reports on the company. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Wells Fargo & Company increased their price objective on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. BNP Paribas Exane raised their target price on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research report on Friday, July 31st. Finally, Jefferies Financial Group upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th.
View Our Latest Report on Rivian Automotive
Rivian Automotive Trading Up 4.0%
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% 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 three months, insiders have sold 68,385 shares of company stock worth $1,125,094. Corporate insiders own 1.48% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% in the 2nd 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. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. SOA Wealth Advisors LLC. boosted its stake 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 buying an additional 1,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.
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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