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

Rivian Automotive (NASDAQ:RIVN) had its price objective boosted by research analysts at UBS Group from $11.00 to $14.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price target indicates a potential downside of 3.61% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Guggenheim lowered their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Price Performance

Rivian Automotive stock traded up $0.58 during midday trading on Thursday, reaching $14.52. 29,807,183 shares of the stock were exchanged, compared to its average volume of 42,176,402. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market cap of $14.82 billion, a PE ratio of -2.59 and a beta of 2.05. The company’s fifty day moving average is $12.80 and its 200-day moving average is $13.06.

Insider Activity

In other news, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. The trade was a 2.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,429 shares of company stock valued at $4,467,450. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. Acadian Asset Management LLC bought a new position in shares of Rivian Automotive in the 2nd quarter worth approximately $258,000. American Century Companies Inc. raised its holdings in Rivian Automotive by 4.1% in the second quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after purchasing an additional 6,105 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Rivian Automotive by 20.5% during the second quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after buying an additional 29,218 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of Rivian Automotive by 30.7% during the 2nd quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker’s stock valued at $241,000 after buying an additional 4,220 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at $1,145,000. 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.