The Goldman Sachs Group Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by The Goldman Sachs Group from $10.00 to $12.00 in a research report released on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the electric vehicle automaker’s stock.

Several other brokerages have also recently commented on RIVN. Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. UBS Group lowered their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada cut their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Down 5.9 %

Shares of RIVN stock traded down $0.61 during mid-day trading on Thursday, reaching $9.70. 47,865,965 shares of the stock traded hands, compared to its average volume of 39,523,785. The company has a market cap of $9.78 billion, a price-to-earnings ratio of -1.76 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s fifty day simple moving average is $11.15 and its two-hundred day simple moving average is $12.38. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Assenagon Asset Management S.A. lifted its holdings in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares during the period. Certuity LLC increased its stake in shares of Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC raised its holdings in Rivian Automotive by 8.9% in the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after purchasing an additional 823 shares during the period. Hedge funds and other institutional investors 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.