Rivian Automotive (NASDAQ:RIVN) Cut to Equal Weight at Barclays

Rivian Automotive (NASDAQ:RIVNGet Free Report) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Monday, Marketbeat Ratings reports. They presently have a $16.00 price target on the electric vehicle automaker’s stock, down from their prior price target of $25.00. Barclays‘s price target indicates a potential downside of 4.08% from the company’s current price.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $19.00 price target (down previously from $29.00) on shares of Rivian Automotive in a research note on Wednesday, January 17th. Cantor Fitzgerald cut their price objective on shares of Rivian Automotive from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Wednesday, November 8th. Stifel Nicolaus initiated coverage on Rivian Automotive in a research report on Thursday, December 7th. They issued a “buy” rating and a $23.00 target price on the stock. Finally, Needham & Company LLC dropped their price target on Rivian Automotive from $25.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 25th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of $26.81.

Read Our Latest Analysis on RIVN

Rivian Automotive Stock Performance

RIVN opened at $16.68 on Monday. Rivian Automotive has a 12-month low of $11.68 and a 12-month high of $28.06. The business has a 50 day moving average of $18.92 and a 200-day moving average of $19.85. The company has a quick ratio of 3.64, a current ratio of 4.61 and a debt-to-equity ratio of 0.26. The stock has a market cap of $15.97 billion, a price-to-earnings ratio of -2.77 and a beta of 2.07.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,265 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.08, for a total value of $55,766.20. Following the completion of the transaction, the chief financial officer now owns 173,030 shares in the company, valued at approximately $2,955,352.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Intech Investment Management LLC lifted its holdings in Rivian Automotive by 23.9% during the 4th quarter. Intech Investment Management LLC now owns 32,913 shares of the electric vehicle automaker’s stock worth $772,000 after buying an additional 6,352 shares during the period. US Bancorp DE raised its position in shares of Rivian Automotive by 14.2% during the fourth quarter. US Bancorp DE now owns 83,523 shares of the electric vehicle automaker’s stock worth $1,959,000 after acquiring an additional 10,356 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Rivian Automotive by 1.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 102,040 shares of the electric vehicle automaker’s stock worth $2,394,000 after acquiring an additional 1,000 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Rivian Automotive by 13.5% in the fourth quarter. Franklin Resources Inc. now owns 118,255 shares of the electric vehicle automaker’s stock worth $2,774,000 after acquiring an additional 14,104 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in Rivian Automotive by 12.8% in the fourth quarter. Corient Private Wealth LLC now owns 67,963 shares of the electric vehicle automaker’s stock valued at $1,594,000 after acquiring an additional 7,731 shares during the last quarter. 62.79% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

(Get Free Report)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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