Sanford C. Bernstein Initiates Coverage on Rivian Automotive (NASDAQ:RIVN)

Investment analysts at Sanford C. Bernstein began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set an “underperform” rating and a $6.10 price target on the electric vehicle automaker’s stock. Sanford C. Bernstein’s target price would indicate a potential downside of 51.24% from the company’s current price.

RIVN has been the subject of several other research reports. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a research note on Monday, January 6th. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Performance

RIVN opened at $12.51 on Wednesday. The business’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $12.90. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $12.77 billion, a PE ratio of -2.23 and a beta of 2.05.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 over the last three months. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 purchasing an additional 2,035,831 shares during the last quarter. abrdn plc increased its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the period. Virtu Financial LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $4,184,000. Finally, FORA Capital LLC bought a new stake in Rivian Automotive during the 3rd quarter worth approximately $3,218,000. Institutional investors and hedge funds 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.