Truist Financial Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by stock analysts at Truist Financial from $12.00 to $14.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the electric vehicle automaker’s stock. Truist Financial’s target price would suggest a potential downside of 1.48% from the company’s current price.

Several other research analysts have also recently issued reports on the company. Guggenheim lowered their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Canaccord Genuity Group cut their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.21 on Thursday. The company has a market cap of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. The firm has a fifty day moving average price of $12.96 and a 200 day moving average price of $13.07. 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 $18.85.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s 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 transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock valued at $4,467,450 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. John G Ullman & Associates Inc. increased its holdings in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. Intech Investment Management LLC increased its stake in Rivian Automotive by 1.4% in the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after purchasing an additional 1,055 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the last quarter. Finally, Regal Investment Advisors LLC boosted its position in Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares in the last quarter. 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.