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

Rivian Automotive (NASDAQ:RIVN) had its target price raised by UBS Group from $11.00 to $14.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other research reports. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Royal Bank of Canada cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Needham & Company LLC cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Down 1.6 %

NASDAQ:RIVN opened at $14.21 on Thursday. The company has a market cap of $14.50 billion, a price-to-earnings ratio of -2.54 and a beta of 2.05. 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 stock’s fifty day moving average price is $12.96 and its two-hundred day moving average price is $13.06. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.85.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The stock was 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 of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. 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. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. boosted its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC grew its position in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive during the third quarter worth about $44,000. 66.25% of the stock is owned by 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.