Rivian Automotive (NASDAQ:RIVN) Earns Neutral Rating from Robert W. Baird

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “neutral” rating restated by investment analysts at Robert W. Baird in a report released on Wednesday, Marketbeat.com reports. They currently have a $16.00 price objective on the electric vehicle automaker’s stock, down from their prior price objective of $18.00. Robert W. Baird’s price target points to a potential upside of 22.51% from the stock’s previous close.

Several other research firms have also commented on RIVN. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Bank of America cut 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. Needham & Company LLC cut their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $13.06 on Wednesday. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $11.32 and a 200-day simple moving average of $12.74. The company has a market capitalization of $13.33 billion, a PE ratio of -2.33 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. The trade was a 2.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction 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. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,904 shares of company stock valued at $3,291,004 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. grew its holdings in 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 valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 102.8% in 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 acquiring an additional 1,257,106 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.