Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $12.00

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

A number of other equities analysts have also commented on RIVN. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Piper Sandler dropped their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.06 on Thursday. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The business has a fifty day moving average price of $11.09 and a 200-day moving average price of $12.41. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RIVN. Empowered Funds LLC purchased a new position in shares of Rivian Automotive in the first quarter worth about $111,000. Bleakley Financial Group LLC increased its holdings in shares of Rivian Automotive by 127.1% in the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after buying an additional 12,514 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Rivian Automotive by 14.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock valued at $5,487,000 after purchasing an additional 62,199 shares during the period. Kingsview Wealth Management LLC increased its holdings in Rivian Automotive by 21.0% during the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after purchasing an additional 2,101 shares during the period. Finally, Mizuho Markets Americas LLC increased its holdings in Rivian Automotive by 44.0% during the 1st quarter. Mizuho Markets Americas LLC now owns 511,713 shares of the electric vehicle automaker’s stock valued at $5,603,000 after purchasing an additional 156,245 shares during the period. Hedge funds and other institutional investors 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.