Rivian Automotive (NASDAQ:RIVN – Get Rating) was downgraded by analysts at Cfra to a “sell” rating in a note issued to investors on Friday. They currently have a $25.00 price target on the electric vehicle automaker’s stock.
Several other research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Rivian Automotive from $69.00 to $46.00 in a research note on Monday, July 18th. Canaccord Genuity Group assumed coverage on shares of Rivian Automotive in a research note on Wednesday, July 13th. They issued a “buy” rating for the company. Needham & Company LLC began coverage on shares of Rivian Automotive in a report on Wednesday, September 14th. They set a “hold” rating for the company. The Goldman Sachs Group lifted their price objective on Rivian Automotive to $41.00 in a report on Monday, August 15th. Finally, Wells Fargo & Company increased their target price on Rivian Automotive from $24.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, July 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of 63.74.
Rivian Automotive Stock Performance
Shares of NASDAQ:RIVN traded up 0.23 on Friday, reaching 33.56. The company’s stock had a trading volume of 16,238,400 shares, compared to its average volume of 20,321,470. The company has a debt-to-equity ratio of 0.07, a current ratio of 8.97 and a quick ratio of 8.60. Rivian Automotive has a 52-week low of 19.25 and a 52-week high of 179.47. The stock’s 50-day moving average is 34.93 and its two-hundred day moving average is 34.21. The stock has a market capitalization of $30.75 billion and a P/E ratio of -1.62.
Insider Buying and Selling
In related news, CAO Jeff Baker sold 1,753 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of 37.27, for a total transaction of 65,334.31. Following the transaction, the chief accounting officer now directly owns 79,666 shares in the company, valued at 2,969,151.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.34% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Global Wealth Management Investment Advisory Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter valued at $25,000. Leelyn Smith LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $42,000. Prestige Wealth Management Group LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $49,000. Perkins Coie Trust Co acquired a new position in Rivian Automotive during the 1st quarter worth approximately $25,000. Finally, TCTC Holdings LLC purchased a new position in Rivian Automotive in the 1st quarter worth approximately $25,000. 62.09% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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