Rivian Automotive (NASDAQ:RIVN) Given New $18.00 Price Target at Robert W. Baird

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by Robert W. Baird from $20.00 to $18.00 in a research note released on Friday morning,Benzinga reports. They currently have an outperform rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also commented on RIVN. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, August 7th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial reduced their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, Piper Sandler dropped their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.68.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $11.04 on Friday. The stock has a fifty day moving average price of $11.30 and a 200 day moving average price of $12.38. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a market cap of $11.13 billion, a PE ratio of -1.97 and a beta of 2.04. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 over the last three months. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. GHP Investment Advisors Inc. boosted its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. EverSource Wealth Advisors LLC grew its position in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive during the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Institutional investors and hedge funds 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.