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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned an average recommendation of “Hold” from the twenty-seven research firms that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $18.6667.

Several research firms recently issued reports on RIVN. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Rivian Automotive in a report on Monday, April 6th. BNP Paribas Exane reaffirmed an “outperform” rating and issued a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. DA Davidson raised their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group lifted their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday.

Rivian Automotive Stock Down 18.1%

RIVN stock opened at $16.49 on Wednesday. The stock has a market capitalization of $20.46 billion, a PE ratio of -5.65 and a beta of 1.60. The company has a fifty day moving average of $15.71 and a 200-day moving average of $16.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. Rivian Automotive has a one year low of $11.57 and a one year high of $22.69.

Trending Headlines about Rivian Automotive

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

• Positive Sentiment: Rivian reported stronger-than-expected second-quarter deliveries and raised its full-year delivery outlook to 70,000 vehicles, signaling improving demand and execution. A Closer Look at Rivian and Lucid’s Q2 Delivery Results
• Positive Sentiment: The company also pre-announced second-quarter revenue of $1.55 billion to $1.65 billion, above Wall Street estimates, which suggests near-term revenue momentum is better than expected. Rivian forecasts quarterly revenue above estimates
• Positive Sentiment: JPMorgan raised its price target on Rivian after the delivery beat, reflecting improved analyst sentiment even though the firm kept a cautious rating. Rivian stock jumps as JPMorgan raises target after strong Q2 deliveries
• Neutral Sentiment: Rivian’s recent rally had also been helped by optimism around its R2 vehicle platform and broader EV-sector strength before the financing announcement reversed sentiment. Rivian stock has flagged an inverted H&S pattern: will the rally continue?
• Negative Sentiment: Rivian announced an underwritten public offering of 75 million shares, with an additional 11.25 million-share option for underwriters, raising dilution concerns and pressuring the stock. Rivian Automotive, Inc. Announces Commencement of Underwritten Public Offering of Common Stock
• Negative Sentiment: Investors are also worried the proceeds may be needed to strengthen Rivian’s balance sheet and help repay a government loan, reinforcing concerns about cash burn and funding needs. Rivian Shares Drop After News Of 75 Million Share Public Offering

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This trade represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 80,076 shares of company stock valued at $1,256,286. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Brighton Jones LLC grew its holdings in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares during the period. AQR Capital Management LLC raised its holdings in Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares during the last quarter. Empowered Funds LLC boosted its position in Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares in the last quarter. Focus Partners Wealth boosted its position in Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.