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

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned an average rating of “Hold” from the twenty-four ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $16.7350.

A number of research analysts recently commented on the company. The Goldman Sachs Group upped their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Wolfe Research cut Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research report on Thursday, January 22nd. Finally, Mizuho reaffirmed an “underperform” rating and set a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $14.81 on Friday. The firm has a 50 day simple moving average of $17.89 and a 200-day simple moving average of $15.27. The stock has a market cap of $18.16 billion, a price-to-earnings ratio of -4.76 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive has a 1-year low of $10.36 and a 1-year high of $22.69.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the transaction, the director directly owned 29,122 shares in the company, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. This represents a 2.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 172,504 shares of company stock valued at $3,012,734. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Assetmark Inc. grew its position in Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Mather Group LLC. acquired a new position in shares of Rivian Automotive in the third quarter valued at approximately $30,000. Fairman Group LLC purchased a new stake in Rivian Automotive during the 2nd quarter worth approximately $31,000. Finally, Hemington Wealth Management lifted its holdings in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,580 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.