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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned an average recommendation of “Hold” from the twenty-three research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $17.91.

A number of research firms recently weighed in on RIVN. Canaccord Genuity Group increased their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. Wells Fargo & Company lowered their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Wolfe Research assumed coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock valued at $8,038,565 over the last three months. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC boosted its holdings in shares of Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the period. GAMMA Investing LLC grew its position in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Finally, Certuity LLC increased its stake in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 3.3 %

Rivian Automotive stock opened at $11.22 on Thursday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87. The firm’s 50-day moving average is $13.79 and its 200-day moving average is $12.32. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $11.17 billion, a P/E ratio of -1.94 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities analysts expect that Rivian Automotive will post -4.8 earnings per share for the current year.

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.