Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $16.00

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by The Goldman Sachs Group from $13.00 to $16.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the electric vehicle automaker’s stock.

Other research analysts also recently issued reports about the company. Tigress Financial boosted their price objective on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Stifel Nicolaus boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Mizuho reaffirmed an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Friday, October 3rd. Six analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $14.86.

Rivian Automotive Price Performance

RIVN stock opened at $18.42 on Friday. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market cap of $22.58 billion, a price-to-earnings ratio of -5.92 and a beta of 1.79. The company’s fifty day simple moving average is $14.97 and its 200 day simple moving average is $14.05. Rivian Automotive has a 12-month low of $10.36 and a 12-month high of $19.60.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the transaction, the chief financial officer directly owned 738,056 shares in the company, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 133,949 shares of company stock worth $2,191,119. Corporate insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares during the last quarter. Banque Transatlantique SA lifted its stake in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Rivian Automotive in the 3rd quarter worth $30,000. Finally, Fairman Group LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $31,000. 66.25% of the stock is owned by 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.