Rivian Automotive (NASDAQ:RIVN) Stock Rating Upgraded by Sanford C. Bernstein

Rivian Automotive (NASDAQ:RIVN) was upgraded by stock analysts at Sanford C. Bernstein to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

RIVN has been the topic of several other research reports. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Mizuho decreased their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Barclays increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Needham & Company LLC reduced their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Two 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.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Down 2.3 %

Shares of NASDAQ:RIVN opened at $12.42 on Tuesday. 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 $12.68 billion, a P/E ratio of -2.22 and a beta of 2.05. The business’s 50 day moving average is $13.35 and its 200 day moving average is $12.90. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. grew its stake in shares of 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 purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.8% in the third 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 during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 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 worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. abrdn plc raised its holdings in 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 in the last quarter. Finally, Swiss National Bank raised its holdings in Rivian Automotive by 2.1% during the third 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. 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.