Rivian (NASDAQ:RIVN)’s stock price fell 3.1% during trading on Thursday . The company traded as low as 83.15 and last traded at 83.76. 46,607 shares were traded during mid-day trading, a decline of 100% from the average session volume of 16,468,555 shares. The stock had previously closed at 86.48.
A number of brokerages have recently commented on RIVN. Barclays reduced their target price on shares of Rivian from $120.00 to $115.00 and set an “equal weight” rating for the company in a report on Friday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Rivian in a report on Sunday, December 5th. They issued a “buy” rating and a $130.00 target price for the company. Wells Fargo & Company began coverage on shares of Rivian in a report on Monday, December 6th. They issued an “equal weight” rating and a $110.00 target price for the company. UBS Group began coverage on shares of Rivian in a report on Tuesday. They issued a “buy” rating for the company. Finally, Morgan Stanley began coverage on shares of Rivian in a research note on Monday, December 6th. They set an “overweight” rating and a $147.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Rivian presently has an average rating of “Buy” and a consensus price target of 134.64.
The business has a 50-day moving average price of 109.15.
In other Rivian news, CAO Jeff Baker purchased 20,000 shares of Rivian stock in a transaction on Monday, November 15th. The shares were bought at an average price of 78.00 per share, with a total value of 1,560,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe purchased 128,175 shares of Rivian stock in a transaction on Monday, November 15th. The stock was acquired at an average cost of 78.00 per share, for a total transaction of 9,997,650.00. The disclosure for this purchase can be found here. Insiders have acquired 171,025 shares of company stock worth $13,339,950 over the last 90 days.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Wedbush Securities Inc. purchased a new position in Rivian during the fourth quarter worth approximately $631,000. Koshinski Asset Management Inc. acquired a new stake in Rivian during the 4th quarter valued at $270,000. DNB Asset Management AS acquired a new stake in Rivian during the 4th quarter valued at $2,585,000. Finally, Baldwin Brothers LLC MA acquired a new position in Rivian during the 4th quarter worth $26,000. 30.45% of the stock is currently owned by institutional investors and hedge funds.
Rivian Company Profile (NASDAQ:RIVN)
Rivian is an American electric vehicle automaker and automotive technology company founded in 2009. Rivian is building an electric sport utility vehicle and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies.
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