Rivian Automotive (NASDAQ:RIVN) Earns Hold Rating from Truist Financial

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating reaffirmed by investment analysts at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $12.00 price target on the electric vehicle automaker’s stock. Truist Financial’s target price points to a potential downside of 24.19% from the stock’s previous close.

Several other research firms also recently weighed in on RIVN. Barclays reduced their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Piper Sandler lowered their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Stock Performance

RIVN traded up $2.58 during trading on Friday, reaching $15.83. The company’s stock had a trading volume of 78,994,787 shares, compared to its average volume of 53,215,469. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company’s fifty day moving average price is $12.06 and its 200-day moving average price is $12.90. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $20.30. The company has a market capitalization of $16.16 billion, a price-to-earnings ratio of -2.83 and a beta of 2.12.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 256,000 shares of company stock valued at $3,312,443. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. grew its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. International Assets Investment Management LLC bought a new position in Rivian Automotive in the 2nd quarter valued at approximately $37,000. American Capital Advisory LLC boosted its position in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.