Rivian Automotive (NASDAQ:RIVN) Coverage Initiated by Analysts at Sanford C. Bernstein

Sanford C. Bernstein assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The brokerage issued an underperform rating and a $6.10 target price on the electric vehicle automaker’s stock.

Several other research analysts have also recently weighed in on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Barclays lifted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. UBS Group upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Finally, Canaccord Genuity Group dropped their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $12.42 on Wednesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business’s 50-day simple moving average is $13.35 and its 200-day simple moving average is $12.90. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.85.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred 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 directly owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock worth $4,958,860 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. abrdn plc raised its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Virtu Financial LLC bought a new stake in Rivian Automotive in the 3rd quarter valued at about $4,184,000. Finally, FORA Capital LLC acquired a new position in shares of Rivian Automotive during the 3rd quarter worth approximately $3,218,000. 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.