Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $19.00 Consensus PT from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-four research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $19.00.

A number of research analysts recently issued reports on the company. DA Davidson decreased their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Morgan Stanley decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the period. Westwood Holdings Group Inc. increased its position in Rivian Automotive by 240.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after acquiring an additional 193,345 shares during the period. DekaBank Deutsche Girozentrale increased its position in Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after acquiring an additional 9,508 shares during the period. EULAV Asset Management increased its position in Rivian Automotive by 33.3% in the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock valued at $7,446,000 after acquiring an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its position in Rivian Automotive by 571.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after acquiring an additional 428,050 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 6.3 %

Shares of NASDAQ RIVN opened at $10.33 on Tuesday. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $10.21 and a 200-day simple moving average of $13.76. The stock has a market capitalization of $10.28 billion, a PE ratio of -1.79 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. On average, equities analysts forecast that Rivian Automotive will post -4.96 earnings per share for the current 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.