Baird R W Downgrades Rivian Automotive (NASDAQ:RIVN) to Hold

Rivian Automotive (NASDAQ:RIVN) was downgraded by research analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently commented on RIVN. Canaccord Genuity Group reduced their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. JPMorgan Chase & Co. decreased 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. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Royal Bank of Canada decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Mizuho reduced their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Up 3.6 %

Shares of RIVN stock traded up $0.47 on Wednesday, hitting $13.53. The stock had a trading volume of 4,404,606 shares, compared to its average volume of 39,900,281. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of -2.42 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock’s 50 day moving average is $11.32 and its 200-day moving average is $12.74.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,904 shares of company stock worth $3,291,004. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC boosted its position in Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC raised its position in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after acquiring an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares during the period. Finally, Renaissance Capital LLC increased its position in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares during the period. 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.