Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) shares shot up 2.9% on Wednesday . The stock traded as high as $12.45 and last traded at $11.88. 21,658,940 shares changed hands during trading, a decline of 46% from the average session volume of 39,886,250 shares. The stock had previously closed at $11.55.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the company. Canaccord Genuity Group dropped their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Robert W. Baird reduced their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Truist Financial decreased their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.73.
Rivian Automotive Stock Up 5.8 %
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,210 shares of company stock valued at $3,079,695 in the last ninety days. Insiders own 2.51% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Large investors have recently modified their holdings of the stock. Tidal Investments LLC lifted its holdings in Rivian Automotive by 28.8% during the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter valued at approximately $28,000. World Investment Advisors LLC lifted its stake in Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after purchasing an additional 1,446 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after purchasing an additional 3,681 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Rivian Automotive in the third quarter worth $4,184,000. Institutional investors own 66.25% of the company’s stock.
About Rivian Automotive
Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.
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