Rivian Automotive (NASDAQ:RIVN) Receives "Hold" Rating from Truist Financial

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "hold" rating reaffirmed by research analysts at Truist Financial in a note issued to investors on Friday,Benzinga reports. They presently have a $12.00 target price on the electric vehicle automaker's stock. Truist Financial's target price would indicate a potential downside of 27.23% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Wedbush reiterated an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Robert W. Baird restated a "neutral" rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $15.74.

Rivian Automotive Stock Performance

Shares of RIVN traded up $3.24 during midday trading on Friday, reaching $16.49. 124,179,883 shares of the stock were exchanged, compared to its average volume of 77,314,594. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $20.30. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12. The business's 50-day moving average price is $12.18 and its 200 day moving average price is $12.93.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 over the last three months. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock valued at $33,276,000 after buying an additional 1,257,106 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $9,388,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.