Rivian Automotive (NASDAQ:RIVN) Earns Neutral Rating from Robert W. Baird

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “neutral” rating reissued by analysts at Robert W. Baird in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $16.00 target price on the electric vehicle automaker’s stock, down from their prior target price of $18.00. Robert W. Baird’s price target would indicate a potential upside of 22.51% from the company’s previous close.

RIVN has been the topic of several other research reports. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Mizuho dropped their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Benchmark assumed coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.06 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The firm’s 50-day simple moving average is $11.32 and its 200-day simple moving average is $12.74. The firm has a market cap of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,904 shares of company stock worth $3,291,004. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its stake in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares in the last quarter. Certuity LLC grew its holdings in Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after acquiring an additional 815 shares during the period. Blue Trust Inc. raised its position in Rivian Automotive by 39.0% in the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after acquiring an additional 907 shares in the last quarter. Finally, John G Ullman & Associates Inc. lifted its holdings in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds 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.