Rivian Automotive (NASDAQ:RIVN) Rating Lowered to “Hold” at Baird R W

Rivian Automotive (NASDAQ:RIVN) was downgraded by investment analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

RIVN has been the subject of several other research reports. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. Needham & Company LLC dropped their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

Shares of RIVN stock traded up $0.47 during midday trading on Wednesday, hitting $13.53. The company had a trading volume of 4,404,606 shares, compared to its average volume of 39,900,281. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company’s 50 day simple moving average is $11.32 and its 200 day simple moving average is $12.74. The stock has a market cap of $13.81 billion, a price-to-earnings ratio of -2.42 and a beta of 2.12.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s 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 sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 267,904 shares of company stock worth $3,291,004. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. B. Riley Wealth Advisors Inc. increased its position in Rivian Automotive by 72.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after purchasing an additional 37,647 shares in the last quarter. Tidal Investments LLC increased its position in shares of Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $28,000. World Investment Advisors LLC lifted its holdings in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after acquiring an additional 1,446 shares in the last quarter. Finally, Sanctuary Advisors LLC boosted its position in Rivian Automotive by 9.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after purchasing an additional 3,681 shares during the period. 66.25% of the stock is currently 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.