Sanford C. Bernstein Initiates Coverage on Rivian Automotive (NASDAQ:RIVN)

Sanford C. Bernstein began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Wednesday, MarketBeat Ratings reports. The firm issued an underperform rating and a $6.10 price objective on the electric vehicle automaker’s stock.

Several other research firms have also issued reports on RIVN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Monday, January 6th. Stifel Nicolaus reduced their price target 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. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company lowered their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Trading Up 0.4 %

Shares of NASDAQ RIVN opened at $12.56 on Wednesday. The business has a 50 day simple moving average of $13.44 and a 200 day simple moving average of $12.86. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The stock has a market cap of $12.82 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 quick ratio of 3.70 and a current ratio of 5.09.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Envestnet Asset Management Inc. increased its holdings in Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after purchasing an additional 29,218 shares in the last quarter. MBB Public Markets I LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at $624,000. The Manufacturers Life Insurance Company raised its holdings in shares of Rivian Automotive by 90.2% in the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock valued at $970,000 after buying an additional 34,303 shares during the last quarter. Quarry LP acquired a new position in Rivian Automotive during the 2nd quarter worth about $105,000. Finally, Regal Investment Advisors LLC grew its holdings in 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 acquiring an additional 1,281 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.