Brokerages Set Rivian Automotive, Inc. (NASDAQ:RIVN) Price Target at $13.99

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned an average rating of “Hold” from the twenty-six ratings firms that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $13.99.

A number of analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Robert W. Baird lowered their price objective on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, April 25th.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,154,905 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares in the last quarter. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Finally, Soma Equity Partners LP increased its stake in Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after buying an additional 1,407,772 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 4.2%

Rivian Automotive stock opened at $14.26 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $16.12 billion, a price-to-earnings ratio of -3.02 and a beta of 1.86. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $18.86. The business has a fifty day moving average price of $11.98 and a 200-day moving average price of $12.36.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts forecast that Rivian Automotive will post -3.2 EPS 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.