Rivian Automotive’s (RIVN) “Hold” Rating Reiterated at Truist Financial

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating reiterated by Truist Financial in a research note issued on Thursday, Benzinga reports. They presently have a $10.00 target price on the electric vehicle automaker’s stock, down from their previous target price of $11.00. Truist Financial’s price objective would suggest a potential upside of 7.07% from the stock’s current price.

RIVN has been the topic of several other research reports. Needham & Company LLC lowered their price objective on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. Evercore ISI lowered their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Mizuho restated a “neutral” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th. Barclays lowered their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Finally, DA Davidson reduced their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.57.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded up $0.13 during mid-day trading on Thursday, hitting $9.34. The company’s stock had a trading volume of 4,248,246 shares, compared to its average volume of 41,334,039. The business’s fifty day moving average is $10.43 and its two-hundred day moving average is $15.29. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of -1.62 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Analysts anticipate that Rivian Automotive will post -4.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 in the last three months. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the stock. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $27,000. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive in the 4th quarter valued at about $26,000. First Horizon Advisors Inc. raised its position in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares in the last quarter. Principal Securities Inc. acquired a new stake in Rivian Automotive in the 4th quarter valued at about $33,000. Finally, Arlington Trust Co LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.