Rivian Automotive (NASDAQ:RIVN) Rating Increased to Strong Sell at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Rivian Automotive (NASDAQ:RIVN) to a strong sell rating in a research report sent to investors on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on the company. Canaccord Genuity Group reduced their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Mizuho cut their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a research note on Monday, January 6th. 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 stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.42 on Tuesday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $12.68 billion, a PE ratio of -2.22 and a beta of 2.05. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The company’s 50-day moving average price is $13.35 and its two-hundred day moving average price is $12.90.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock valued at $4,958,860 in the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the stock. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake 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 purchasing an additional 1,002 shares during the period. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.