Royal Bank of Canada Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its price objective trimmed by Royal Bank of Canada from $14.00 to $12.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a sector perform rating on the electric vehicle automaker’s stock.

Several other equities analysts have also commented on RIVN. The Goldman Sachs Group lowered their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Mizuho lowered their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Barclays cut their price objective on shares of 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. Finally, Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.68.

Rivian Automotive Stock Up 4.2 %

RIVN stock opened at $11.04 on Friday. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of -1.97 and a beta of 2.04. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61. The firm has a fifty day moving average price of $11.30 and a two-hundred day moving average price of $12.38. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock valued at $2,153,551 over the last three months. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the company. John G Ullman & Associates Inc. boosted its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after acquiring an additional 1,000 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in Rivian Automotive during the third quarter worth $136,000. Moors & Cabot Inc. raised its position in shares of Rivian Automotive by 34.8% during the third quarter. Moors & Cabot Inc. now owns 24,195 shares of the electric vehicle automaker’s stock valued at $271,000 after buying an additional 6,250 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 51.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 4,331 shares of the electric vehicle automaker’s stock worth $49,000 after purchasing an additional 1,479 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in shares of Rivian Automotive by 19.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock valued at $462,000 after acquiring an additional 6,620 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.