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

Rivian Automotive, Inc. (NASDAQ:RIVN) has received an average recommendation of “Hold” from the twenty-seven analysts that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $14.33.

A number of equities analysts have recently weighed in on RIVN shares. Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Wedbush lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, Cowen started coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating for the company.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $14.10 on Tuesday. The firm has a 50 day simple moving average of $13.31 and a 200-day simple moving average of $12.92. 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 firm has a market cap of $15.94 billion, a PE ratio of -2.99 and a beta of 1.86. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.48) earnings per share. On average, equities analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 9,937 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Capital International Investors acquired a new stake in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at $123,308,000. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 5,610,688 shares in the last quarter. Northern Trust Corp raised its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth $33,582,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.