Brokerages Set Rivian Automotive, Inc. (NASDAQ:RIVN) Target Price at $17.18

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given a consensus recommendation of “Hold” by the twenty-three research firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $17.09.

Several research firms have commented on RIVN. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group lowered their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Wolfe Research initiated coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock.

Rivian Automotive Trading Down 3.1 %

Rivian Automotive stock opened at $10.16 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The company has a market capitalization of $10.11 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The company’s fifty day moving average price is $12.17 and its two-hundred day moving average price is $12.25.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after buying an additional 3,285,867 shares in the last quarter. Spirepoint Private Client LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth approximately $15,635,000. Finally, AQR Capital Management LLC increased its holdings 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 buying an additional 1,257,106 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

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.