Robert W. Baird Reiterates “Neutral” Rating for Rivian Automotive (NASDAQ:RIVN)

Robert W. Baird reissued their neutral rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report released on Wednesday morning, MarketBeat reports. They currently have a $16.00 price objective on the electric vehicle automaker’s stock, down from their prior price objective of $18.00.

Other analysts have also issued reports about the stock. Truist Financial lowered their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Trading Down 11.2 %

NASDAQ:RIVN opened at $13.06 on Wednesday. The company has a 50-day moving average price of $11.26 and a 200-day moving average price of $12.74. The stock has a market cap of $13.33 billion, a price-to-earnings ratio of -2.33 and a beta of 2.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 267,904 shares of company stock worth $3,291,004. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. grew its position in 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 valued at $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC increased its holdings in 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 valued at $33,000 after buying an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. raised its position in 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 worth $34,000 after acquiring an additional 2,900 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter worth $37,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.