Rivian Automotive (NASDAQ:RIVN) Given New $16.00 Price Target at The Goldman Sachs Group
Goldman Sachs raised Rivian Automotive's price target from $13 to $16, maintaining a "neutral" rating. Other analysts have varied ratings, with Tigress Financial giving a "buy" rating and Mizuho an "underperform" rating. Rivian's stock rose 14.5% to $18.82, with insider sales reported. Institutional investors have increased their holdings, with 66.25% of the stock owned by them.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target lifted by research analysts at The Goldman Sachs Group from $13.00 to $16.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the electric vehicle automaker's stock. The Goldman Sachs Group's price objective would indicate a potential downside of 14.98% from the stock's previous close.
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RIVN has been the topic of a number of other research reports. Tigress Financial lifted their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, November 14th. DA Davidson boosted their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, November 11th. UBS Group upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Monday, October 6th. Mizuho reiterated an "underperform" rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Finally, Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a report on Saturday, November 8th. Six research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $14.86.
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Rivian Automotive Trading Up 14.5%
- Rivian Is Emerging as a Supplemental Tesla Play
Shares of RIVN traded up $2.39 during mid-day trading on Friday, hitting $18.82. 81,250,278 shares of the company's stock traded hands, compared to its average volume of 38,714,555. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $23.07 billion, a P/E ratio of -6.05 and a beta of 1.79. The business's 50-day moving average price is $14.87 and its 200-day moving average price is $14.05. Rivian Automotive has a 1 year low of $10.36 and a 1 year high of $19.60.
Insiders Place Their Bets
In related news, CFO Claire Mcdonough sold 8,039 shares of the firm's stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total value of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares of the company's stock, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business's stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the sale, the chief executive officer directly owned 1,167,559 shares of the company's stock, valued at approximately $20,467,309.27. The trade was a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 133,949 shares of company stock valued at $2,191,119. 2.16% of the stock is owned by company insiders.
Institutional Trading of Rivian Automotive
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Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker's stock worth $80,376,000 after buying an additional 799,030 shares in the last quarter. XTX Topco Ltd purchased a new stake in Rivian Automotive in the 2nd quarter worth $1,324,000. Ethos Financial Group LLC bought a new stake in shares of Rivian Automotive in the first quarter worth about $311,000. Tableaux LLC purchased a new position in Rivian Automotive during the 2nd quarter valued at approximately $3,435,000. Finally, Intech Investment Management LLC increased its stake in Rivian Automotive by 522.0% in the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker's stock worth $4,370,000 after acquiring an additional 294,539 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Rivian Automotive Company Profile
(Get Free Report)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.
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