Rivian Automotive (NASDAQ:RIVN) Coverage Initiated at Sanford C. Bernstein

Sanford C. Bernstein assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a report published on Wednesday morning, MarketBeat reports. The firm issued an underperform rating and a $6.10 target price on the electric vehicle automaker's stock.

A number of other analysts have also weighed in on RIVN. Stifel Nicolaus dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Mizuho decreased their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Canaccord Genuity Group reduced their price objective on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, October 7th. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, November 8th. Finally, Truist Financial boosted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $15.13.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.19 during midday trading on Wednesday, reaching $12.61. The stock had a trading volume of 8,953,112 shares, compared to its average volume of 38,569,867. The company has a market capitalization of $12.87 billion, a price-to-earnings ratio of -2.25 and a beta of 2.05. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.85. The company's 50-day moving average is $13.35 and its 200 day moving average is $12.90. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company's stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 363,142 shares of company stock valued at $4,958,860 in the last ninety days. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the business. John G Ullman & Associates Inc. raised its holdings in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after acquiring an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. RFG Holdings Inc. lifted its position in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after purchasing an additional 1,096 shares during the last quarter. Tradition Wealth Management LLC grew its stake in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock worth $132,000 after buying an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC increased its holdings in shares of Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker's stock worth $262,000 after buying an additional 1,281 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.