Rivian Automotive (NASDAQ:RIVN) Shares Gap Up to $11.03

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $11.03, but opened at $11.58. Rivian Automotive shares last traded at $11.44, with a volume of 10,787,669 shares.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company cut their target price on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. The Goldman Sachs Group lowered their price target on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $20.52.

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Rivian Automotive Stock Performance

The company has a market cap of $12.49 billion, a price-to-earnings ratio of -2.23 and a beta of 1.89. The firm has a 50-day simple moving average of $15.59 and a 200 day simple moving average of $18.44. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. WFA of San Diego LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter valued at approximately $25,000. Sunbelt Securities Inc. grew its stake in shares of Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 975 shares during the last quarter. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive in the third quarter valued at approximately $27,000. Finally, MCF Advisors LLC boosted its stake in shares of Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after buying an additional 1,000 shares in the last quarter. 62.79% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

(Get Free Report)

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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