Rivian Automotive (NASDAQ:RIVN – Get Free Report)‘s stock had its “buy” rating reiterated by investment analysts at TD Cowen in a research report issued on Wednesday,Benzinga reports. They currently have a $20.00 price target on the electric vehicle automaker’s stock. TD Cowen’s price target would indicate a potential upside of 9.53% from the stock’s current price.
RIVN has been the subject of several other reports. Tigress Financial restated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, April 10th. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a report on Monday, April 6th. Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and lifted their price target for the company from $16.00 to $23.00 in a report on Friday, February 13th. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.57.
Read Our Latest Analysis on Rivian Automotive
Rivian Automotive Price Performance
Insider Activity at Rivian Automotive
In other news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 887,007 shares in the company, valued at approximately $14,192,112. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 117,790 shares of company stock worth $1,832,466 over the last ninety days. Insiders own 1.48% of the company’s stock.
Institutional Trading of Rivian Automotive
A number of large investors have recently made changes to their positions in RIVN. Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter valued at about $220,323,000. Renaissance Technologies LLC grew its position 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 acquiring an additional 4,012,386 shares in the last quarter. Vanguard Group Inc. increased its stake in Rivian Automotive by 3.3% during 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 acquiring an additional 2,597,310 shares during the last quarter. Capital International Investors raised its position in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. 66.25% of the stock is currently owned by 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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