The Goldman Sachs Group Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by The Goldman Sachs Group from $10.00 to $12.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

Other research analysts have also recently issued research reports about the company. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reduced their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Barclays reduced their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Bank of America cut Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Down 2.4 %

RIVN opened at $10.06 on Thursday. The stock has a market cap of $10.14 billion, a PE ratio of -1.80 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The business’s fifty day simple moving average is $11.09 and its 200 day simple moving average is $12.43.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were 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 owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Empowered Funds LLC bought a new stake in shares of Rivian Automotive during the first quarter valued at approximately $111,000. Bleakley Financial Group LLC increased its position in shares of Rivian Automotive by 127.1% during the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock valued at $245,000 after acquiring an additional 12,514 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Rivian Automotive by 14.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock valued at $5,487,000 after acquiring an additional 62,199 shares in the last quarter. Kingsview Wealth Management LLC increased its position in shares of Rivian Automotive by 21.0% during the first quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock valued at $133,000 after acquiring an additional 2,101 shares in the last quarter. Finally, Mizuho Markets Americas LLC grew its position in Rivian Automotive by 44.0% in the 1st quarter. Mizuho Markets Americas LLC now owns 511,713 shares of the electric vehicle automaker’s stock worth $5,603,000 after purchasing an additional 156,245 shares during the period. Institutional investors 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.