Wedbush Reiterates “Outperform” Rating for Rivian Automotive (NASDAQ:RIVN)

Wedbush reissued their outperform rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report published on Friday,Benzinga reports. Wedbush currently has a $20.00 price target on the electric vehicle automaker’s stock.

Several other equities analysts have also weighed in on RIVN. The Goldman Sachs Group cut their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Robert W. Baird cut their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday. Wolfe Research assumed coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday. Finally, Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $15.68.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $11.04 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of -1.97 and a beta of 2.04. The firm’s 50 day simple moving average is $11.30 and its 200-day simple moving average is $12.38. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock valued at $2,153,551 in the last three months. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Quent Capital LLC boosted its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares in the last quarter. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $37,000. Finally, 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 acquiring an additional 670 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.