Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price objective increased by research analysts at Truist Financial from $12.00 to $14.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the electric vehicle automaker’s stock. Truist Financial’s price objective would indicate a potential downside of 0.64% from the stock’s current price.

Several other equities analysts have also weighed in on RIVN. Bank of America lowered shares of 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 report on Friday, November 8th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Mizuho cut their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Monday, January 6th. Finally, Benchmark began coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $15.57.

Rivian Automotive Price Performance

Shares of RIVN stock traded up $0.15 during trading hours on Thursday, reaching $14.09. 5,031,920 shares of the company were exchanged, compared to its average volume of 39,592,578. The stock’s fifty day moving average is $12.80 and its two-hundred day moving average is $13.06. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.85. The company has a market cap of $14.38 billion, a price-to-earnings ratio of -2.52 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 Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock worth $4,467,450 over the last quarter. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently modified their holdings of the stock. John G Ullman & Associates Inc. lifted its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. lifted its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Rivian Automotive by 1.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock worth $1,033,000 after buying an additional 1,055 shares during the last quarter. Tradition Wealth Management LLC lifted its stake in shares of Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after buying an additional 1,250 shares during the last quarter. Finally, Regal Investment Advisors LLC lifted its stake in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after buying an additional 1,281 shares during 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.