Rivian Automotive, Inc. (NASDAQ:RIVN) Given Consensus Recommendation of “Hold” by Analysts

Rivian Automotive, Inc. (NASDAQ:RIVN) has been given an average rating of “Hold” by the twenty-three analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, ten have issued a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $18.14.

A number of analysts have recently issued reports on RIVN shares. Truist Financial lifted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Guggenheim assumed coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, August 7th. Canaccord Genuity Group boosted their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Finally, Barclays increased their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $14.13 on Friday. The stock has a market cap of $14.06 billion, a P/E ratio of -2.45 and a beta of 2.09. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business’s 50-day moving average price is $14.92 and its two-hundred day moving average price is $12.31. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last announced 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. As a group, equities analysts predict that Rivian Automotive will post -4.72 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 488,926 shares of company stock valued at $7,552,869. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC boosted its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive during the first quarter valued at approximately $33,000. Finally, Fairman Group LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $36,000. Institutional investors own 66.25% of the company’s stock.

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.