Rivian Automotive, Inc. (NASDAQ:RIVN) Given Average Rating of “Hold” by Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has been given a consensus rating of “Hold” by the twenty-three brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $17.09.

A number of research analysts recently weighed in on RIVN shares. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Barclays cut their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 over the last three months. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its holdings in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Renaissance Capital LLC raised its holdings in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares in the last quarter. Private Advisory Group LLC bought a new position in Rivian Automotive in the third quarter worth about $2,109,000. Royal London Asset Management Ltd. raised its holdings in Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after purchasing an additional 49,216 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Up 0.2 %

RIVN stock opened at $10.45 on Monday. The firm has a fifty day moving average price of $12.04 and a 200 day moving average price of $12.24. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market cap of $10.54 billion, a PE ratio of -1.75 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Sell-side analysts anticipate that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

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.