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

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 rating, seventeen have issued a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $14.38.

Several analysts have issued reports on the company. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective on the stock. Guggenheim dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Needham & Company LLC raised their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, February 21st. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.19 on Thursday. The stock has a market capitalization of $13.78 billion, a PE ratio of -2.58 and a beta of 2.03. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The firm has a fifty day simple moving average of $12.38 and a 200 day simple moving average of $12.15. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during 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%. On average, research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock valued at $1,744,184 over the last three months. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. grew its stake in shares of Rivian Automotive by 59.0% during the third quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock worth $286,000 after buying an additional 9,441 shares during the last quarter. Empowered Funds LLC grew its position in Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after acquiring an additional 6,860 shares during the last quarter. Swiss National Bank increased its holdings in Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. Quest Partners LLC raised its position in Rivian Automotive by 109.0% in the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after purchasing an additional 7,273 shares during the last quarter. Finally, Pathstone Holdings LLC boosted its stake in shares of Rivian Automotive by 8.4% during the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after purchasing an additional 9,187 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.