Sanford C. Bernstein began coverage on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a research report released on Wednesday, MarketBeat Ratings reports. The firm issued an underperform rating and a $6.10 price objective on the electric vehicle automaker's stock.
RIVN has been the subject of a number of other research reports. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Finally, Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They set a "buy" rating and a $18.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and an average price target of $15.13.
Read Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Price Performance
RIVN traded up $0.05 during midday trading on Wednesday, reaching $12.56. 20,329,200 shares of the company's stock were exchanged, compared to its average volume of 36,209,252. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a 50-day simple moving average of $13.44 and a two-hundred day simple moving average of $12.83. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85.
Insider Buying and Selling at Rivian Automotive
In related news, CFO Claire Mcdonough sold 8,097 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company's stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is owned by company insiders.
Institutional Trading of Rivian Automotive
Institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings 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 period. International Assets Investment Management LLC increased its stake in Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC raised its stake in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after purchasing an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after acquiring an additional 54,053 shares in the last quarter. Institutional investors own 66.25% of the company's stock.
About Rivian Automotive
(
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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.
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