Royal Bank of Canada Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by Royal Bank of Canada from $14.00 to $12.00 in a report issued on Friday morning,Benzinga reports. They currently have a sector perform rating on the electric vehicle automaker’s stock.

A number of other analysts have also weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. Truist Financial cut their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.77.

Rivian Automotive Price Performance

Rivian Automotive stock traded down $0.30 during mid-day trading on Friday, reaching $10.29. 8,200,750 shares of the company’s stock traded hands, compared to its average volume of 38,798,535. The company has a market cap of $10.38 billion, a price-to-earnings ratio of -1.89 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock has a 50 day moving average of $11.36 and a two-hundred day moving average of $12.36. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock valued at $2,153,551 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its holdings in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. GAMMA Investing LLC lifted its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the period. Certuity LLC lifted its position in shares of Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares during the period. Finally, Sanders Morris Harris LLC lifted its position in shares of Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after acquiring an additional 823 shares during the period. 66.25% of the stock is currently 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.