Truist Financial Maintains Hold Rating on Rivian Automotive Amid Stock Target Adjustment

On a recent Monday, Truist Financial reaffirmed their hold rating on electric vehicle manufacturer Rivian Automotive (NASDAQ:RIVN), although they adjusted their target price down from $26.00 to $11.00, as reported by Marketbeat.com. This revised target follows a series of evaluations and price target modifications by various brokerage firms.

Broad Analysis on RIVN by Financial Experts

Aside from Truist Financial, Rivian Automotive has been the subject of several other research reports. Goldman Sachs Group suggested a neutral stance, scaling down their price target from $20.00 to $17.00. Cantor Fitzgerald, while still rating Rivian as overweight, lowered their target from $29.00 to $27.00. JPMorgan Chase & Co. took a more bearish approach, downgrading the stock from neutral to underweight and dropping their target price from $20.00 to $11.00. Despite these mixed reviews, some firms maintained a positive outlook, with Wolfe Research keeping a peer perform rating and Robert W. Baird continuing an outperform rating, albeit lowering their target from $30.00 to $23.00. Across the board, the stock currently holds an average Hold rating and a consensus target price of $21.18.

Recent Performance of Rivian Automotive Stock

Rivian's shares began trading at $10.70 on the said Monday, experiencing fluctuations with a 50-day moving average of $18.02 and a 200-day moving average of $19.09. They observed a 12-month low of $10.05 and a high of $28.06. With these movements, Rivian Automotive's market capitalization stood at $10.25 billion, a P/E ratio at -1.86, and a beta of 2.07. Their financial health was illustrated by a current ratio of 4.61, a quick ratio of 3.64, and a debt-to-equity ratio of 0.26.

Inside Moves in Rivian Automotive

In recent insider activity, CFO Claire Mcdonough sold 2,946 shares, disclosing the transaction in a legal filing with the SEC. Post-sale, Mcdonough retains 155,749 shares valued at approximately $2,523,133.80. Insider ownership of the company's stock stands at 2.30%.

How Institutions are Handling Rivian Shares

Institutional investors have seen some activity, with Eaton Vance Management increasing its stake by 6.8% during the first quarter. Other notable movements include Gould Capital LLC, D.A. Davidson & CO., Nissay Asset Management Corp Japan ADV, and Salem Investment Counselors Inc., all of whom adjusted their holdings, with institutional investors owning 62.79% of Rivian's stock.

About Rivian Automotive

Rivian Automotive, Inc. is an ambitious player in the electric vehicle industry, designing and manufacturing electric trucks and SUVs. The company also has its Rivian Commercial Vehicle platform used by Amazon.com, Inc. for Electric Delivery Vans, targeting the consumer and commercial markets with direct sales.

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