Rivian Automotive’s (RIVN) “Hold” Rating Reiterated at Truist Financial

Truist Financial restated their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Friday morning,Benzinga reports. The firm currently has a $12.00 target price on the electric vehicle automaker’s stock.

A number of other equities research analysts have also weighed in on RIVN. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Piper Sandler lowered their target price 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. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Wells Fargo & Company lowered their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Trading Up 24.5 %

NASDAQ RIVN opened at $16.49 on Friday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $20.30. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average of $12.18 and a 200-day moving average of $12.95. The firm has a market cap of $16.83 billion, a PE ratio of -2.94 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares in the company, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 256,000 shares of company stock worth $3,312,443 in the last ninety days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Certuity LLC raised its holdings in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the period. John G Ullman & Associates Inc. raised its holdings in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the period. GHP Investment Advisors Inc. raised 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 purchasing an additional 1,002 shares during the period. Intech Investment Management LLC raised its holdings in Rivian Automotive by 1.4% in the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock worth $1,033,000 after purchasing an additional 1,055 shares during the period. Finally, Tradition Wealth Management LLC raised its holdings in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.