Rivian Automotive’s (RIVN) “Hold” Rating Reaffirmed at Truist Financial

Truist Financial reissued their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Friday morning,Benzinga reports. Truist Financial currently has a $12.00 price objective on the electric vehicle automaker’s stock.

A number of other research firms have also recently commented on RIVN. Piper Sandler decreased their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Canaccord Genuity Group cut their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $16.49 on Friday. 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’s 50-day simple moving average is $12.18 and its two-hundred day simple moving average is $12.95. The stock has a market cap of $16.83 billion, a PE ratio of -2.94 and a beta of 2.12. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $20.30.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock worth $3,312,443 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% during the third 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 acquiring an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of 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 raised its stake 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 worth $5,964,000 after buying an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. raised its stake 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 worth $1,601,000 after buying an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC raised its stake in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares in the last quarter. Institutional investors 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.