Truist Financial Reaffirms Hold Rating for Rivian Automotive (NASDAQ:RIVN)

Truist Financial reaffirmed their hold rating on shares of Rivian Automotive (NASDAQ:RIVNFree Report) in a research report released on Friday, Benzinga reports. Truist Financial currently has a $11.00 price objective on the electric vehicle automaker’s stock.

Other equities analysts have also issued research reports about the stock. Cantor Fitzgerald reiterated an overweight rating and set a $23.00 target price on shares of Rivian Automotive in a research report on Wednesday, April 3rd. Piper Sandler upgraded shares of Rivian Automotive from a neutral rating to an overweight rating and increased their target price for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. DA Davidson cut their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a neutral rating for the company in a research report on Thursday, February 22nd. UBS Group reiterated a sell rating and set a $8.00 target price (down previously from $24.00) on shares of Rivian Automotive in a research report on Friday, February 23rd. Finally, The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a neutral rating for the company in a research report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $19.87.

View Our Latest Stock Analysis on Rivian Automotive

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $9.13 on Friday. Rivian Automotive has a 52-week low of $9.08 and a 52-week high of $28.06. The company has a 50-day simple moving average of $12.25 and a 200 day simple moving average of $16.35. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a market capitalization of $8.92 billion, a PE ratio of -1.59 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, research analysts predict that Rivian Automotive will post -4.8 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 over the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its holdings in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. BlackRock Inc. raised its holdings in Rivian Automotive by 2.9% during the 1st quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after buying an additional 1,443,514 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in Rivian Automotive during the 4th quarter valued at $228,175,000. Finally, State Street Corp raised its holdings in Rivian Automotive by 22.6% during the 2nd quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock valued at $194,998,000 after buying an additional 2,156,922 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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