Rivian Automotive (NASDAQ:RIVN) Rating Increased to Strong Sell at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Rivian Automotive (NASDAQ:RIVN) to a strong sell rating in a report released on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. UBS Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Up 0.7 %

Shares of NASDAQ:RIVN opened at $12.51 on Tuesday. The firm has a fifty day moving average price of $13.39 and a two-hundred day moving average price of $12.90. The company has a market cap of $12.77 billion, a price-to-earnings ratio of -2.23 and a beta of 2.05. 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 $18.85.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 363,142 shares of company stock worth $4,958,860. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. Envestnet Asset Management Inc. boosted its stake in Rivian Automotive by 20.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after purchasing an additional 29,218 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Rivian Automotive by 90.2% in the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock worth $970,000 after buying an additional 34,303 shares in the last quarter. Regal Investment Advisors LLC grew its holdings in shares of Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after buying an additional 1,281 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Rivian Automotive by 149.5% during the second quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after acquiring an additional 31,232 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after acquiring an additional 18,243 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.