The Goldman Sachs Group Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by The Goldman Sachs Group from $10.00 to $12.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

A number of other equities analysts have also recently weighed in on RIVN. Mizuho lowered their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Barclays cut their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Truist Financial decreased their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Trading Down 5.9 %

Shares of NASDAQ RIVN traded down $0.61 during midday trading on Thursday, reaching $9.70. 47,865,965 shares of the stock were exchanged, compared to its average volume of 39,523,785. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61. The stock has a market capitalization of $9.78 billion, a P/E ratio of -1.76 and a beta of 2.04. The company has a 50 day simple moving average of $11.15 and a 200 day simple moving average of $12.38. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was 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 directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quent Capital LLC raised its holdings in Rivian Automotive by 74.3% in 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 during the period. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during 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 last quarter. American Capital Advisory LLC lifted its holdings in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of 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 period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.