Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $16.00

by · The Markets Daily

Rivian Automotive (NASDAQ:RIVN – Get Free Report) had its price objective upped by equities research analysts at The Goldman Sachs Group from $13.00 to $16.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s price target points to a potential downside of 14.98% from the stock’s current price.

Several other research firms also recently commented on RIVN. Needham & Company LLC raised their price objective on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday. Stifel Nicolaus upped their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Morgan Stanley reissued an “underweight” rating and set a $12.00 price objective on shares of Rivian Automotive in a report on Monday. Tigress Financial upped their target price on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Cfra Research raised Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Six investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.86.

Check Out Our Latest Research Report on Rivian Automotive

Rivian Automotive Trading Up 14.5%

Shares of RIVN traded up $2.39 during mid-day trading on Friday, reaching $18.82. 81,250,278 shares of the company’s stock traded hands, compared to its average volume of 38,714,555. The stock’s 50-day moving average is $14.87 and its two-hundred day moving average is $14.05. 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 cap of $23.07 billion, a P/E ratio of -6.05 and a beta of 1.79. Rivian Automotive has a 12 month low of $10.36 and a 12 month high of $19.60.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the transaction, the chief financial officer directly owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 133,949 shares of company stock valued at $2,191,119. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Rivian Automotive during the second quarter worth about $105,629,000. Nuveen LLC acquired a new stake in shares of Rivian Automotive during the 1st quarter worth approximately $33,582,000. Vanguard Group Inc. increased its holdings in shares of Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors increased its holdings in shares of Rivian Automotive by 13.4% during the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after purchasing an additional 2,161,394 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

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