Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $14.34 Average Target Price from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given an average recommendation of “Hold” by the twenty-seven brokerages that are covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $14.3391.

Several equities analysts have recently commented on RIVN shares. Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Wedbush reduced their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. The Goldman Sachs Group lowered their price target on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Morgan Stanley reduced their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Finally, Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 87,250 shares of company stock worth $1,357,610. 2.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Norges Bank bought a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $105,629,000. Vanguard Group Inc. grew its stake in Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Nuveen LLC acquired a new stake in Rivian Automotive in the first quarter worth $33,582,000. Capital International Investors lifted its stake in Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after buying an additional 2,161,394 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Trading Up 4.0%

RIVN opened at $16.18 on Tuesday. Rivian Automotive has a 12-month low of $10.36 and a 12-month high of $18.13. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The stock has a market capitalization of $19.84 billion, a PE ratio of -5.20 and a beta of 1.81. The firm’s fifty day moving average price is $14.40 and its 200 day moving average price is $13.93.

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.