Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Average Recommendation of “Hold” from Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has received a consensus rating of “Hold” from the twenty-five ratings firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, fourteen have given a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $15.74.

RIVN has been the subject of several recent research reports. Piper Sandler decreased their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Truist Financial reaffirmed a “hold” rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. reduced their price target 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.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 in the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Certuity LLC increased its stake in shares of Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the last quarter. John G Ullman & Associates Inc. increased its position in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the period. Intech Investment Management LLC lifted its position in shares of Rivian Automotive by 1.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after buying an additional 1,055 shares during the last quarter. Finally, Tradition Wealth Management LLC grew its stake in shares of Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after acquiring an additional 1,250 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Shares of RIVN opened at $16.49 on Friday. The business has a 50-day simple moving average of $12.18 and a two-hundred day simple moving average of $12.93. The stock has a market cap of $16.83 billion, a PE ratio of -2.94 and a beta of 2.12. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $20.30. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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.