Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $14.64 Consensus Target Price from Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned a consensus recommendation of “Hold” from the twenty-six brokerages that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, seventeen have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $14.38.

A number of brokerages recently commented on RIVN. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Mizuho cut their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,427 shares of company stock worth $2,735,619. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimension Capital Management LLC lifted its position in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC raised its stake in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after buying an additional 849 shares in the last quarter. John G Ullman & Associates Inc. raised its stake 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 in the last quarter. RFG Holdings Inc. lifted its holdings in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after acquiring an additional 1,160 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $11.60 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The firm has a market cap of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. The business has a 50 day moving average price of $12.41 and a 200-day moving average price of $12.17.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Equities research analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.

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.