The Goldman Sachs Group Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN) had its target price hoisted by equities research analysts at The Goldman Sachs Group from $10.00 to $12.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s target price points to a potential upside of 19.28% from the stock’s previous close.

RIVN has been the topic of a number of other research reports. Robert W. Baird decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Barclays decreased their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Finally, Royal Bank of Canada decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Down 2.4 %

NASDAQ RIVN opened at $10.06 on Thursday. The firm’s 50-day moving average is $11.09 and its two-hundred day moving average is $12.38. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The stock has a market capitalization of $10.14 billion, a P/E ratio of -1.80 and a beta of 2.04.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its stake in Rivian Automotive by 12.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 218,673 shares of the electric vehicle automaker’s stock valued at $2,454,000 after purchasing an additional 25,000 shares during the last quarter. Main Management ETF Advisors LLC purchased a new position in Rivian Automotive in the third quarter valued at approximately $583,000. Orion Portfolio Solutions LLC increased its stake in Rivian Automotive by 327.5% in the third quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker’s stock valued at $480,000 after purchasing an additional 32,747 shares during the last quarter. XTX Topco Ltd purchased a new position in Rivian Automotive in the third quarter valued at approximately $1,105,000. Finally, EP Wealth Advisors LLC purchased a new position in Rivian Automotive in the third quarter valued at approximately $129,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.