Rivian Automotive (NASDAQ:RIVN) Given New $12.00 Price Target at The Goldman Sachs Group

Rivian Automotive (NASDAQ:RIVN) had its price objective boosted by equities research analysts at The Goldman Sachs Group from $10.00 to $12.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s price objective points to a potential downside of 0.25% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Guggenheim dropped their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Stifel Nicolaus dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Trading Up 13.7 %

Shares of NASDAQ:RIVN opened at $12.03 on Thursday. The company has a market cap of $12.13 billion, a PE ratio of -2.15 and a beta of 2.04. The company’s 50 day moving average is $11.22 and its two-hundred day moving average is $12.39. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a current ratio of 5.09, a quick ratio of 4.01 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’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 value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently made changes to their positions in the stock. Hantz Financial Services Inc. boosted its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares during the last quarter. FORA Capital LLC acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at about $3,218,000. Townsquare Capital LLC purchased a new stake in shares of Rivian Automotive during the 3rd quarter worth about $263,000. Brooklyn Investment Group purchased a new stake in shares of Rivian Automotive during the 3rd quarter worth about $64,000. Finally, The Manufacturers Life Insurance Company increased its position in Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock worth $860,000 after purchasing an additional 4,338 shares in the last quarter. 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.