Rivian Automotive, Inc. saw its share price increase by 4% on Wednesday, with stocks trading as high as $16.48 before closing at $16.18. In total, 35,359,229 shares exchanged hands during the trading day, reflecting an 8% decline from the average volume of 38,414,340 shares. This surge follows a previous closing price of $15.56.
Analysts Offer Varied Ratings
Analysts have recently provided a range of insights regarding Rivian’s stock. On October 20, 2023, JPMorgan Chase & Co. raised their price target for Rivian from $9.00 to $10.00, maintaining an “underweight” rating. Conversely, Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on November 10, 2023.
In earlier reports, UBS Group increased their target price from $12.00 to $13.00, categorizing the stock as “neutral.” Meanwhile, Needham & Company LLC reaffirmed a “buy” rating with a target price of $14.00. Overall, six analysts have rated Rivian as a “Buy,” sixteen as a “Hold,” and five as a “Sell.” Data from MarketBeat indicates a consensus rating of “Hold” and a target price averaging $14.34.
Insider Activity and Institutional Investments
In insider trading news, CEO Robert J. Scaringe sold 52,350 shares on November 11, 2023, at an average price of $16.60, totaling approximately $869,010.00. Following this sale, Scaringe retains 1,246,405 shares valued at about $20,690,323, indicating a 4.03% reduction in his ownership. This transaction was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Over the past 90 days, insiders have sold a total of 104,700 shares worth $1,621,280, while corporate insiders now hold 2.16% of the company’s stock.
Recent changes in hedge fund positions also reflect growing interest in Rivian. Norges Bank acquired a new stake valued at approximately $105,629,000 in the second quarter. Vanguard Group Inc. increased its holdings by 7.8% in the first quarter to own 77,092,693 shares, worth approximately $959,804,000. Other institutional investors, such as Nuveen LLC and Capital International Investors, have also made significant investments, contributing to the 66.25% of Rivian stock currently held by hedge funds and institutional investors.
Rivian Automotive, based in Normal, Illinois, designs, manufactures, and sells electric vehicles including the R1T pickup truck and the R1S sport utility vehicle. The company continues to capture investor interest as it navigates the evolving electric vehicle market.
