Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Consensus Rating of “Hold” from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given an average recommendation of “Hold” by the twenty-five analysts that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $13.90.

A number of research firms recently weighed in on RIVN. UBS Group boosted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Wednesday, August 6th. Wedbush cut their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. Finally, The Goldman Sachs Group upped their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock valued at $577,593 over the last quarter. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Rivian Automotive in the second quarter valued at about $105,629,000. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after buying an additional 5,610,688 shares during the period. Nuveen LLC acquired a new stake in Rivian Automotive during the first quarter worth approximately $33,582,000. AQR Capital Management LLC grew its stake in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its stake in Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after purchasing an additional 1,916,686 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Down 2.2%

NASDAQ:RIVN opened at $12.80 on Monday. The firm has a market capitalization of $15.53 billion, a price-to-earnings ratio of -3.96 and a beta of 1.82. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $17.15. The stock’s 50 day moving average price is $13.50 and its two-hundred day moving average price is $13.42. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

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