Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Average Rating of “Hold” from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned a consensus rating of “Hold” from the twenty-five ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.74.

Several equities research analysts recently commented on RIVN shares. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th.

Rivian Automotive Stock Performance

Shares of RIVN opened at $16.49 on Friday. The firm has a market cap of $16.83 billion, a P/E ratio of -2.94 and a beta of 2.12. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $20.30. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm’s 50 day moving average price is $12.18 and its two-hundred day moving average price is $12.93.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock valued at $3,312,443 over the last ninety days. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Geode Capital Management LLC raised its stake in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Renaissance Technologies LLC lifted its position in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares during the period. Finally, abrdn plc raised its position in shares of Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. 66.25% of the stock is owned by 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.