Rivian Automotive (NASDAQ:RIVN) Upgraded to "Strong Sell" at Sanford C. Bernstein

Rivian Automotive (NASDAQ:RIVN - Get Free Report) was upgraded by equities researchers at Sanford C. Bernstein to a "strong sell" rating in a research note issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company dropped their target price on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Finally, Wedbush restated an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average target price of $15.13.

Rivian Automotive Trading Up 0.8 %

Shares of Rivian Automotive stock traded up $0.11 on Tuesday, reaching $12.53. The company had a trading volume of 15,724,571 shares, compared to its average volume of 38,865,758. The firm's 50-day moving average price is $13.35 and its two-hundred day moving average price is $12.90. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The firm has a market cap of $12.78 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm'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 completion of the transaction, the chief financial officer now owns 378,498 shares of the company's stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the business's 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 sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 363,142 shares of company stock worth $4,958,860. Insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% during 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 buying an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC raised its position in Rivian Automotive by 1,870.7% during 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 acquiring an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC lifted its holdings in 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 valued at $5,964,000 after acquiring an additional 124,950 shares during the period. Vontobel Holding Ltd. lifted 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 acquiring an additional 120,544 shares during the period. Finally, SG Americas Securities LLC boosted its position in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares in the last quarter. 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.