Analysts Set Rivian Automotive, Inc. (NASDAQ:RIVN) PT at $18.57

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have earned an average recommendation of “Hold” from the twenty-seven ratings firms that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $18.5714.

RIVN has been the topic of a number of analyst reports. Piper Sandler dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. TD Cowen raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and increased their price objective for the stock from $17.00 to $20.00 in a report on Tuesday, March 10th. Deutsche Bank Aktiengesellschaft raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and increased their price objective for the stock from $16.00 to $23.00 in a report on Friday, February 13th. Stifel Nicolaus increased their price objective on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Finally, Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st.

Rivian Automotive Stock Up 0.5%

RIVN stock opened at $14.22 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. Rivian Automotive has a fifty-two week low of $11.57 and a fifty-two week high of $22.69. The firm’s 50-day simple moving average is $15.32 and its 200 day simple moving average is $16.28. The stock has a market cap of $17.65 billion, a PE ratio of -4.87 and a beta of 1.64.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 21,446 shares of the stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total value of $346,781.82. Following the completion of the transaction, the chief executive officer owned 1,001,138 shares in the company, valued at $16,188,401.46. This represents a 2.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the transaction, the chief financial officer owned 946,814 shares of the company’s stock, valued at $17,042,652. This represents a 1.07% 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. Insiders sold a total of 92,399 shares of company stock valued at $1,443,578 in the last quarter. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund grew its position in Rivian Automotive by 1.6% in 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. Merit Financial Group LLC grew its position in Rivian Automotive by 3.2% in the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares in the last quarter. Geneos Wealth Management Inc. grew its position in 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 valued at $54,000 after buying an additional 739 shares in the last quarter. Utah Retirement Systems grew its position in Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock valued at $2,533,000 after buying an additional 744 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its position in 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 valued at $277,000 after buying an additional 753 shares in the last quarter. Institutional investors 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.