Truist Financial Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by Truist Financial from $12.00 to $14.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a hold rating on the electric vehicle automaker’s stock.

Several other equities research analysts also recently weighed in on RIVN. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research report on Monday, January 6th. Mizuho reduced 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, Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $14.44 on Thursday. The business’s 50 day moving average price is $12.89 and its 200-day moving average price is $13.07. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.85. The company has a market cap of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC grew its position in Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. abrdn plc raised its holdings in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after buying an additional 518,561 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after buying an additional 1,257,106 shares during the period. 66.25% of the stock is currently owned by hedge funds and other 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.