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

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned a consensus rating of “Hold” from the twenty-seven research firms that are covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $19.0455.

A number of brokerages recently commented on RIVN. Wells Fargo & Company upped their target price on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. TD Cowen lifted their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, July 31st. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, August 24th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a report on Monday, July 27th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Tuesday, July 28th.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. The trade was a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 41,167 shares of company stock worth $718,956 in the last quarter. 1.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Parallel Advisors LLC grew its stake in Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after buying an additional 686 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after buying an additional 739 shares during the period. Utah Retirement Systems grew its position in shares of Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after buying an additional 744 shares during the period. Finally, Tradition Wealth Management LLC increased its stake in shares of Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after acquiring an additional 753 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 0.1%

Shares of NASDAQ:RIVN opened at $16.06 on Thursday. The stock’s 50-day moving average is $16.51 and its 200 day moving average is $15.90. The company has a market cap of $23.25 billion, a PE ratio of -6.22 and a beta of 1.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. Rivian Automotive has a 1 year low of $12.39 and a 1 year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.03. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.97) EPS. Sell-side analysts anticipate that Rivian Automotive will post -2.98 EPS for the current year.

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.