Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $14.64 Average Price Target from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned an average rating of “Hold” from the twenty-six brokerages that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, seventeen have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $14.38.

RIVN has been the subject of a number of recent research reports. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Needham & Company LLC raised their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Truist Financial boosted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $15.00 in a research note on Friday, February 21st.

Rivian Automotive Stock Up 6.6 %

Rivian Automotive stock opened at $11.60 on Thursday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The business has a fifty day moving average price of $12.41 and a 200-day moving average price of $12.17. 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 $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 2.03.

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

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Tandem Financial LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $28,000. Hantz Financial Services Inc. grew its position in shares of Rivian Automotive by 2,636.4% during 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 last quarter. Finally, Orion Capital Management LLC purchased a new position in Rivian Automotive during the 4th quarter worth $34,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.