Stifel Nicolaus Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $16.00

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by Stifel Nicolaus from $18.00 to $16.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

A number of other equities research analysts have also commented on the stock. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Piper Sandler decreased their price objective 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. Finally, JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.31 on Monday. The stock has a fifty day moving average price of $11.15 and a two-hundred day moving average price of $12.38. The company has a current ratio of 5.09, a quick ratio of 4.01 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 52.5% in the third 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. Renaissance Technologies LLC boosted its holdings in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. Finally, abrdn plc increased its stake in Rivian Automotive by 17.8% in the 3rd 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 last quarter. 66.25% of the stock is currently owned by 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.