Sanford C. Bernstein Upgrades Rivian Automotive (NASDAQ:RIVN) to Strong Sell

Rivian Automotive (NASDAQ:RIVN) was upgraded by analysts at Sanford C. Bernstein to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Wells Fargo & Company reduced their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Finally, Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $15.13.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $12.42 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.22 and a beta of 2.05. The stock has a 50-day moving average of $13.35 and a 200 day moving average of $12.90. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 363,142 shares of company stock valued at $4,958,860 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Envestnet Asset Management Inc. increased its stake in Rivian Automotive by 20.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after acquiring an additional 29,218 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Rivian Automotive by 90.2% in the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock worth $970,000 after purchasing an additional 34,303 shares during the last quarter. Regal Investment Advisors LLC raised its stake in Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in Rivian Automotive by 149.5% during the second quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after purchasing an additional 31,232 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after buying an additional 18,243 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.