Piper Sandler Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVNFree Report) had its price objective cut by Piper Sandler from $21.00 to $19.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the electric vehicle automaker’s stock.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Barclays reduced their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, UBS Group reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.68.

View Our Latest Research Report on Rivian Automotive

Rivian Automotive Trading Up 4.2 %

Shares of Rivian Automotive stock opened at $11.04 on Friday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company’s 50-day simple moving average is $11.30 and its 200-day simple moving average is $12.38. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of -1.97 and a beta of 2.04.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 in the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares during the period. Spirepoint Private Client LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at about $15,635,000. AQR Capital Management LLC boosted its holdings in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the period. 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.

Featured Stories

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

Receive News & Ratings for Rivian Automotive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rivian Automotive and related companies with MarketBeat.com's FREE daily email newsletter.