Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $15.73 Consensus Target Price from Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned an average rating of “Hold” from the twenty-three brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $15.73.

A number of research firms have issued reports on RIVN. Piper Sandler cut their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Royal Bank of Canada decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Barclays cut their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th.

Rivian Automotive Stock Down 2.4 %

Shares of Rivian Automotive stock opened at $10.06 on Friday. The stock’s 50-day moving average is $11.09 and its 200 day moving average is $12.43. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The firm has a market cap of $10.14 billion, a price-to-earnings ratio of -1.80 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quent Capital LLC increased its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the period. American Capital Advisory LLC increased its holdings in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its position in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.