Rivian Automotive, Inc. (NASDAQ: RIVN – Get Free Report) witnessed a 1.6% decline in its stock price during Thursday’s trading session. The stock hit a low of $14.53 and concluded the trading day at $14.65. Approximately 52,620,506 shares were exchanged, representing a negligible decrease of 0% from the average session volume of 52,736,184 shares. The stock’s previous closing price stood at $14.89.
Analysts’ Projections for Rivian Automotive
Recent analyst reports have focused on RIVN. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 target price for Rivian Automotive on April 2nd. On June 28th, Needham & Company LLC raised their price target for Rivian Automotive from $13.00 to $20.00 and assigned the stock a “buy” rating. Similarly, Cantor Fitzgerald increased their target price on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating on June 26th. Mizuho revised their price target on Rivian Automotive from $12.00 to $11.00 and conferred a “neutral” rating on the stock on May 8th. Furthermore, The Goldman Sachs Group raised their price target on Rivian Automotive from $11.00 to $14.00 and assigned a “neutral” rating on the stock on July 1st. MarketBeat.com states that the stock has an average rating of “Moderate Buy” and a consensus price target of $19.04.
Rivian Automotive Stock Records a 1.0% Growth
Rivian Automotive’s most recent quarterly earnings data, released on Tuesday May 7th, revealed that the electric vehicle automaker reported a loss of ($1.41) per share for the quarter, just below the consensus estimate of ($1.38) by ($0.03). The company’s revenue for the quarter was $1.20 billion, exceeding analyst estimates of $1.15 billion. Rivian Automotive registered a negative return on equity of 53.55% and a negative net margin of 111.09%. Analysts predict that Rivian Automotive, Inc. will record -4.87 EPS for the current year.
Insider Activity at Rivian Automotive
On Tuesday, June 25th, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock at an average price of $11.25, resulting in a total transaction of $803,576.25. Following the sale, the chief executive officer’s holdings in the company amount to 909,691 shares, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.
Hedge Funds Assess Rivian Automotive
Several major investors have made recent adjustments to their holdings of RIVN. Morgan Stanley increased its position in Rivian Automotive by 14.0% in the 3rd quarter. SteelPeak Wealth LLC acquired a new stake in Rivian Automotive during the 1st quarter, while Trust Point Inc. and Sapient Capital LLC also bought new stakes in Rivian Automotive during the 4th quarter. Additionally, Gradient Investments LLC boosted its stake in Rivian Automotive by 72.4% in the 4th quarter. Currently, 66.25% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Company Profile
Rivian Automotive, Inc. and its subsidiaries are involved in the design, development, manufacture, and sale of electric vehicles and accessories. The company’s product portfolio includes consumer vehicles, such as a two-row, five-passenger pickup truck under the R1T brand, and a three-row, seven-passenger sport utility vehicle under the R1S name.
In Conclusion
The stock performance of Rivian Automotive has been closely monitored by analysts and investors alike. Despite the recent fluctuations, the company continues to be the subject of much attention and discussion within the market. It is anticipated that future developments will continue to shape the trajectory of Rivian Automotive’s stock value.