Rivian Automotive (NASDAQ:RIVN) Upgraded at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of Rivian Automotive (NASDAQ:RIVN) to a strong sell rating in a report published on Tuesday,Zacks.com reports.

Several other analysts have also recently weighed in on RIVN. Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Piper Sandler cut their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock Up 0.7 %

RIVN stock opened at $12.51 on Tuesday. The firm has a 50-day moving average price of $13.39 and a 200-day moving average price of $12.90. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.77 billion, a P/E ratio of -2.23 and a beta of 2.05.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in Rivian Automotive by 79.2% in 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 period. International Assets Investment Management LLC raised its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC grew its holdings in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares during the period. Vontobel Holding Ltd. increased its position in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after buying an additional 120,544 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after buying an additional 54,053 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.