Robert W. Baird Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $18.00

Rivian Automotive (NASDAQ:RIVN) had its price objective reduced by Robert W. Baird from $20.00 to $18.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the electric vehicle automaker’s stock. Robert W. Baird’s price target would suggest a potential upside of 69.97% from the company’s current price.

Several other research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Guggenheim dropped their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Canaccord Genuity Group dropped their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $15.77.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.59 on Friday. The stock has a market cap of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business has a 50-day simple moving average of $11.36 and a 200 day simple moving average of $12.34. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 approximately $12,127,675.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC boosted its stake 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 valued at $26,000 after purchasing an additional 831 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings 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 worth $29,000 after buying an additional 1,002 shares during the period. EverSource Wealth Advisors LLC boosted its position in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. raised its position in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares in 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.