Rivian Automotive (NASDAQ:RIVN) Coverage Initiated by Analysts at Sanford C. Bernstein

Stock analysts at Sanford C. Bernstein initiated coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set an “underperform” rating and a $6.10 price target on the electric vehicle automaker’s stock. Sanford C. Bernstein’s price objective would indicate a potential downside of 52.01% from the company’s previous close.

RIVN has been the topic of a number of other reports. Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Truist Financial upped their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Benchmark started coverage on Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.13.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $12.71 on Wednesday. The firm has a market cap of $12.97 billion, a price-to-earnings ratio of -2.27 and a beta of 2.05. 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 business has a 50-day moving average price of $13.30 and a 200-day moving average price of $12.90. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.85.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction dated 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 directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 363,142 shares of company stock worth $4,958,860. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RIVN. Tandem Financial LLC acquired a new position in Rivian Automotive during the fourth quarter worth about $25,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the 3rd quarter worth $28,000. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC increased its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.