Truist Financial Reiterates Hold Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating restated by analysts at Truist Financial in a research note issued on Friday,Benzinga reports. They currently have a $12.00 price target on the electric vehicle automaker’s stock. Truist Financial’s price objective would suggest a potential downside of 27.23% from the company’s previous close.

Several other research firms also recently issued reports on RIVN. Piper Sandler dropped their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Benchmark initiated coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $16.49 on Friday. The business’s 50-day moving average price is $12.18 and its 200-day moving average price is $12.95. Rivian Automotive has a 12 month low of $8.26 and a 12 month 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 firm has a market capitalization of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 256,000 shares of company stock valued at $3,312,443 over the last three months. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. increased 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 acquiring an additional 1,002 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $37,000. American Capital Advisory LLC grew its holdings in shares of Rivian Automotive by 267.6% during the third 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. raised its stake in 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. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.