Rivian Automotive’s (RIVN) “Hold” Rating Reiterated at Truist Financial

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating reaffirmed by analysts at Truist Financial in a report released on Friday,Benzinga reports. They currently have a $12.00 price objective 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.

A number of other equities analysts also recently weighed in on the company. Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Barclays lowered their price objective 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. Royal Bank of Canada decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Benchmark started coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Up 19.5 %

Rivian Automotive stock traded up $2.58 during midday trading on Friday, reaching $15.83. The stock had a trading volume of 78,994,787 shares, compared to its average volume of 53,215,469. The company has a fifty day moving average price of $12.06 and a two-hundred day moving average price of $12.90. The company has a market capitalization of $16.16 billion, a P/E ratio of -2.83 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $20.30.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were 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 approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 256,000 shares of company stock worth $3,312,443 over the last quarter. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% during the 3rd 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 in the last quarter. Geode Capital Management LLC raised its position in shares of 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 valued at $145,550,000 after buying an additional 223,860 shares in the last quarter. Renaissance Technologies LLC grew its position in Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. Finally, abrdn plc raised its holdings in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the period. Hedge funds and other institutional investors 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.