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

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

RIVN has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. UBS Group cut their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Barclays cut their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $10.45 on Monday. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61. 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 company has a market capitalization of $10.54 billion, a P/E ratio of -1.75 and a beta of 2.03. The stock’s 50 day moving average is $12.04 and its 200 day moving average is $12.24.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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, equities research analysts predict that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 in the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after buying an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position 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 valued at $69,291,000 after buying an additional 5,937,605 shares during the last quarter. Renaissance Technologies LLC raised its position 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 valued at $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Finally, abrdn plc raised its position in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the last quarter. 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.