Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating)’s stock price rose 10.4% on Tuesday . The stock traded as high as 29.06 and last traded at 28.96. Approximately 123,370 shares were traded during trading, a decline of 99% from the average daily volume of 19,880,314 shares. The stock had previously closed at 26.24.
RIVN has been the subject of several recent analyst reports. Wolfe Research decreased their target price on Rivian Automotive from $130.00 to $78.00 and set an “outperform” rating for the company in a research note on Friday, March 11th. Exane BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 12th. Morgan Stanley reduced their price objective on Rivian Automotive from $85.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, May 17th. Robert W. Baird reduced their price objective on Rivian Automotive from $84.00 to $67.00 in a research report on Thursday, May 12th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Rivian Automotive from $90.00 to $69.00 in a research report on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Buy” and a consensus price target of 70.41.
The stock has a fifty day moving average of 30.33 and a two-hundred day moving average of 56.05. The company has a current ratio of 11.19, a quick ratio of 10.86 and a debt-to-equity ratio of 0.07.
In other news, Director Jay T. Flatley acquired 40,000 shares of the firm’s stock in a transaction on Thursday, May 26th. The shares were purchased at an average cost of 29.31 per share, for a total transaction of 1,172,400.00. Following the transaction, the director now owns 92,616 shares of the company’s stock, valued at 2,714,574.96. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Motor Co Ford sold 7,000,000 shares of the stock in a transaction on Friday, May 13th. The shares were sold at an average price of 26.88, for a total value of 188,160,000.00. Following the completion of the transaction, the insider now owns 86,947,494 shares in the company, valued at 2,337,148,638.72. The disclosure for this sale can be found here. Insiders have sold a total of 15,006,926 shares of company stock valued at $402,737,029 over the last ninety days. Insiders own 2.34% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Rivian Automotive in the 4th quarter worth $3,395,000. Avantax Advisory Services Inc. bought a new position in shares of Rivian Automotive in the 4th quarter worth $567,000. Arizona State Retirement System bought a new position in shares of Rivian Automotive in the 4th quarter worth $4,902,000. TAP Consulting LLC bought a new position in shares of Rivian Automotive in the 4th quarter worth $30,000. Finally, Myriad Asset Management Ltd. bought a new position in shares of Rivian Automotive in the 4th quarter worth $3,837,000. Hedge funds and other institutional investors own 78.67% of the company’s stock.
About Rivian Automotive (NASDAQ:RIVN)
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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