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

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) has received an average rating of “Hold” from the twenty-nine brokerages that are currently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $15.9478.

Several research firms have recently commented on RIVN. The Goldman Sachs Group boosted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Cfra Research raised Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Finally, Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th.

Read Our Latest Stock Analysis on RIVN

Key Headlines Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the transaction, the chief financial officer directly owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 155,054 shares of company stock valued at $2,733,010 in the last 90 days. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares during the last quarter. Capital International Investors boosted its stake in Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after purchasing an additional 2,161,394 shares in the last quarter. Geode Capital Management LLC grew its position in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after purchasing an additional 689,045 shares during the last quarter. Soma Equity Partners LP increased its stake in Rivian Automotive by 9.9% during the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after purchasing an additional 829,782 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Rivian Automotive in the second quarter worth $105,629,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $18.85 on Wednesday. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $17.95 and a two-hundred day simple moving average of $14.98. The stock has a market capitalization of $23.11 billion, a price-to-earnings ratio of -6.06 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the firm earned ($1.08) earnings per share. The firm’s revenue for the quarter was up 78.3% compared to the same quarter last year. On average, analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Rivian Automotive Company Profile

(Get Free Report)

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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