Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $18.00 by Analysts at Guggenheim

Rivian Automotive (NASDAQ:RIVN) had its price objective reduced by Guggenheim from $21.00 to $18.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Guggenheim currently has a buy rating on the electric vehicle automaker’s stock.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Barclays cut their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Mizuho lowered their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, Truist Financial lowered their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.77.

Rivian Automotive Trading Up 5.4 %

Rivian Automotive stock opened at $10.59 on Wednesday. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The business’s fifty day moving average is $11.36 and its 200 day moving average is $12.34. The stock has a market capitalization of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 in the last three months. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Vanguard Group Inc. raised its stake in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares in the last quarter. abrdn plc lifted its holdings in shares of Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after acquiring an additional 518,561 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after acquiring an additional 1,039,758 shares in the last quarter. 66.25% of the stock is currently owned by 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.