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

by · The Cerbat Gem

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) has earned a consensus recommendation of “Hold” from the twenty-four brokerages that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $20.52.

Several equities research analysts have recently weighed in on the stock. Piper Sandler lowered their price target on shares of Rivian Automotive from $21.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Barclays decreased their target price on shares of Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating for the company in a research report on Monday, February 26th. Evercore ISI decreased their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Finally, JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd.

Read Our Latest Research Report on Rivian Automotive

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.69 on Friday. Rivian Automotive has a 1-year low of $10.05 and a 1-year high of $28.06. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $14.85 and a 200 day moving average of $18.21.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts anticipate that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. Trust Co. of Vermont lifted its stake in shares of Rivian Automotive by 37.9% in the fourth quarter. Trust Co. of Vermont now owns 6,049 shares of the electric vehicle automaker’s stock worth $142,000 after buying an additional 1,664 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of Rivian Automotive by 5.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 254,015 shares of the electric vehicle automaker’s stock worth $5,959,000 after buying an additional 12,875 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $51,000. Finally, Krane Funds Advisors LLC lifted its stake in shares of Rivian Automotive by 1.1% in the fourth quarter. Krane Funds Advisors LLC now owns 219,414 shares of the electric vehicle automaker’s stock worth $5,147,000 after buying an additional 2,367 shares in the last quarter. 62.79% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

(Get Free Report

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.

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