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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given a consensus recommendation of “Hold” by the twenty-five ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $15.09.

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Guggenheim decreased their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,788 shares of company stock valued at $5,024,431. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC increased its position in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors bought a new position in Rivian Automotive during the fourth quarter worth $144,030,000. Norges Bank bought a new position in Rivian Automotive during the fourth quarter worth $123,308,000. Finally, Soma Equity Partners LP increased its position in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after acquiring an additional 1,407,772 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $12.97 on Friday. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. 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 company has a 50 day moving average price of $13.56 and a 200 day moving average price of $12.51. The firm has a market capitalization of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS 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.