Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $16.00 at Stifel Nicolaus

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target lowered by Stifel Nicolaus from $18.00 to $16.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the electric vehicle automaker's stock. Stifel Nicolaus' price target would indicate a potential upside of 44.93% from the stock's current price.

Other equities analysts have also issued research reports about the company. Canaccord Genuity Group dropped their price objective on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Monday, October 7th. Royal Bank of Canada dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Friday. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. UBS Group cut their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th. Finally, Wedbush reissued an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Friday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $15.68.

Rivian Automotive Stock Up 4.2 %

RIVN stock traded up $0.45 during midday trading on Monday, reaching $11.04. 46,217,406 shares of the company were exchanged, compared to its average volume of 38,972,738. The stock's 50-day simple moving average is $11.30 and its 200 day simple moving average is $12.38. 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 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $11.13 billion, a price-to-earnings ratio of -1.97 and a beta of 2.04.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm'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 approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock worth $2,153,551. Insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC grew its holdings in Rivian Automotive by 1,870.7% in the third 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 during the period. Vontobel Holding Ltd. grew its position in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after acquiring an additional 120,544 shares during the period. Renaissance Capital LLC increased its stake in Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock worth $9,958,000 after acquiring an additional 148,197 shares during the last quarter. Private Advisory Group LLC acquired a new stake in Rivian Automotive during the third quarter worth about $2,109,000. Finally, Royal London Asset Management Ltd. raised its holdings in shares of Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker's stock worth $4,027,000 after purchasing an additional 49,216 shares during the period. Institutional investors and hedge funds 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.