The Goldman Sachs Group Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN - Free Report) had its target price increased by The Goldman Sachs Group from $10.00 to $12.00 in a report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the electric vehicle automaker's stock.

Other equities research analysts also recently issued reports about the company. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, November 8th. Needham & Company LLC dropped their target price 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. UBS Group decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, August 7th. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Finally, Truist Financial cut their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $15.73.

Rivian Automotive Stock Down 14.3 %

RIVN traded down $1.72 during trading on Thursday, hitting $10.31. The company had a trading volume of 79,209,969 shares, compared to its average volume of 39,491,063. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The company has a market cap of $10.40 billion, a PE ratio of -1.91 and a beta of 2.04. The business has a 50-day moving average of $11.22 and a 200-day moving average of $12.39.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Vanguard Group Inc. lifted its holdings in shares of Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. boosted its position in 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 worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Renaissance Technologies LLC grew its stake in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. increased 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. Finally, abrdn plc lifted its position in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

About Rivian Automotive

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.