Rivian Automotive (NASDAQ:RIVN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a hold rating in a research note released on Saturday morning.

Several other brokerages have also issued reports on RIVN. Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. The Goldman Sachs Group lifted their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, December 8th. Finally, Mizuho reiterated an “underperform” rating and issued a $10.00 target price (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.74.

Rivian Automotive Stock Down 0.7%

NASDAQ:RIVN opened at $14.69 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive has a 1-year low of $10.36 and a 1-year high of $22.69. The company has a 50-day moving average of $17.84 and a 200 day moving average of $15.28. The firm has a market cap of $18.01 billion, a PE ratio of -4.72 and a beta of 1.76.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares in the company, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the completion of the transaction, the chief executive officer directly owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This trade represents a 1.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 120,154 shares of company stock valued at $2,143,724 over the last 90 days. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Merit Financial Group LLC grew its stake in shares of Rivian Automotive by 3.2% during the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock worth $456,000 after purchasing an additional 718 shares during the period. Geneos Wealth Management Inc. grew its position in Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after buying an additional 739 shares during the period. Prospera Financial Services Inc raised its position in shares of Rivian Automotive by 5.2% in the third quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after acquiring an additional 775 shares during the period. Siemens Fonds Invest GmbH grew its position in shares of Rivian Automotive by 7.7% during the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock valued at $160,000 after acquiring an additional 780 shares during the period. Finally, Equitable Holdings Inc. increased its stake in shares of Rivian Automotive by 5.8% in the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.