Rivian Automotive (NASDAQ:RIVN) Rating Lowered to “Neutral” at Bank of America

Rivian Automotive (NASDAQ:RIVN) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a report released on Friday, Marketbeat reports. They presently have a $13.00 price target on the electric vehicle automaker’s stock, down from their prior price target of $20.00. Bank of America‘s price target indicates a potential upside of 22.76% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday. Canaccord Genuity Group lowered their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Mizuho cut 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. Finally, JPMorgan Chase & Co. reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.77.

Rivian Automotive Trading Up 5.4 %

NASDAQ:RIVN opened at $10.59 on Friday. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a market cap of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $12.34.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s 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 sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 over the last quarter. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares in the last quarter. GAMMA Investing LLC boosted its stake in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after purchasing an additional 760 shares during the period. Certuity LLC grew its position in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC raised its stake in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after purchasing an additional 823 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.