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

Truist Financial reissued their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Friday,Benzinga reports. They currently have a $12.00 price target on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other reports. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Guggenheim reduced their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. One research 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Up 24.5 %

NASDAQ RIVN opened at $16.49 on Friday. The stock’s 50 day simple moving average is $12.18 and its 200 day simple moving average is $12.93. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a one year low of $8.26 and a one year high of $20.30. The firm has a market cap of $16.83 billion, a PE ratio of -2.94 and a beta of 2.12.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 256,000 shares of company stock worth $3,312,443. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the stock. Certuity LLC grew its stake in Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares in the last quarter. John G Ullman & Associates Inc. raised its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of 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 valued at $29,000 after buying an additional 1,002 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after buying an additional 1,055 shares in the last quarter. Finally, Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after buying an additional 1,250 shares during 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.