Rivian Automotive (NASDAQ:RIVN) Downgraded by Baird R W to “Hold”

Baird R W lowered shares of Rivian Automotive (NASDAQ:RIVN) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Up 1.5 %

Shares of RIVN traded up $0.19 during midday trading on Wednesday, reaching $13.25. 8,842,279 shares of the stock were exchanged, compared to its average volume of 39,922,305. The company has a market cap of $13.52 billion, a price-to-earnings ratio of -2.37 and a beta of 2.12. The firm has a 50 day simple moving average of $11.32 and a 200-day simple moving average of $12.74. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was 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 owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,904 shares of company stock worth $3,291,004 over the last three months. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Baillie Gifford & Co. grew its position in 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 valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the period. Renaissance Technologies LLC lifted its stake in Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. Finally, abrdn plc raised its stake in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the period. Institutional investors and hedge funds 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.