Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $13.76 Average Price Target from Analysts

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned a consensus rating of “Reduce” from the twenty-six brokerages that are covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a sell recommendation, fifteen have issued a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $13.7636.

A number of research firms have recently issued reports on RIVN. Mizuho reissued an “underperform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. The Goldman Sachs Group lifted their price target on Rivian Automotive from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Finally, Guggenheim downgraded Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th.

Rivian Automotive Trading Down 5.2%

NASDAQ:RIVN opened at $12.50 on Friday. The firm has a market cap of $15.17 billion, a P/E ratio of -3.87 and a beta of 1.81. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The stock’s 50 day simple moving average is $13.79 and its 200-day simple moving average is $13.62. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.46) EPS. Equities analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 42,147 shares of company stock worth $577,593. Company insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after purchasing an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC boosted its position in Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after purchasing an additional 689,045 shares in the last quarter. Northern Trust Corp boosted its position in Rivian Automotive by 11.2% during the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after purchasing an additional 809,064 shares in the last quarter. Norges Bank purchased a new stake in Rivian Automotive during the second quarter worth $105,629,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after purchasing an additional 799,030 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.