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

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

RIVN has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Royal Bank of Canada reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Mizuho reduced their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, 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 research report on Friday, November 8th.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $10.31 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61. The company has a market capitalization of $10.40 billion, a P/E ratio of -1.84 and a beta of 2.04. The firm’s 50 day simple moving average is $11.15 and its two-hundred day simple moving average is $12.38.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quent Capital LLC raised its holdings 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 buying an additional 831 shares during the period. GHP Investment Advisors Inc. boosted its position in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth $37,000. Finally, First Horizon Advisors Inc. raised its position in shares of Rivian Automotive by 30.7% during 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 during the period. 66.25% of the stock is currently owned by hedge funds and other 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.