Rivian Automotive (NASDAQ:RIVN - Get Free Report) was upgraded by investment analysts at Sanford C. Bernstein to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.
A number of other equities research analysts also recently weighed in on the company. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, November 8th. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Wells Fargo & Company dropped their price target on shares of 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. Finally, UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $15.13.
Get Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Up 0.4 %
Shares of NASDAQ RIVN traded up $0.05 during trading hours on Tuesday, reaching $12.56. 20,329,200 shares of the stock were exchanged, compared to its average volume of 36,209,252. The stock's fifty day simple moving average is $13.44 and its 200 day simple moving average is $12.83. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. 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 related news, 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 value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares of the company's stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Rivian Automotive
Institutional investors and hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 52.5% during the third 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 in the last quarter. Geode Capital Management LLC increased its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker's stock valued at $145,550,000 after buying an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in 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 worth $51,693,000 after buying an additional 2,035,831 shares during the period. abrdn plc raised its position in shares of Rivian Automotive by 17.8% during 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 during the period. Finally, Swiss National Bank lifted its holdings in shares of Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker's stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.
About Rivian Automotive
(
Get Free Report)
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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