Rivian Automotive, Inc. (NASDAQ:RIVN) Given Consensus Recommendation of “Moderate Buy” by Analysts

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned a consensus rating of “Moderate Buy” from the twenty research firms that are covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $29.30.

RIVN has been the topic of several recent analyst reports. Canaccord Genuity Group boosted their target price on shares of Rivian Automotive from $40.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Wedbush decreased their price objective on Rivian Automotive from $32.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, October 9th. BNP Paribas raised Rivian Automotive from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Friday, August 11th. DA Davidson upped their price target on Rivian Automotive from $18.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, August 10th. Finally, Truist Financial increased their price target on Rivian Automotive from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $17.71 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.71 and a current ratio of 5.66. The business’s 50 day moving average price is $20.66 and its 200 day moving average price is $19.02. The company has a market cap of $16.79 billion, a price-to-earnings ratio of -2.74 and a beta of 2.05. Rivian Automotive has a one year low of $11.68 and a one year high of $35.74.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 8th. The electric vehicle automaker reported ($1.08) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.34. Rivian Automotive had a negative return on equity of 38.91% and a negative net margin of 200.97%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the firm earned ($1.89) EPS. The company’s quarterly revenue was up 208.0% compared to the same quarter last year. On average, research analysts predict that Rivian Automotive will post -5.86 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,265 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $24.24, for a total value of $79,143.60. Following the sale, the chief financial officer now directly owns 173,030 shares in the company, valued at $4,194,247.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Salem Investment Counselors Inc. lifted its stake in Rivian Automotive by 1,329.5% in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 585 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of 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. Armstrong Advisory Group Inc. lifted its position in shares of Rivian Automotive by 281.7% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,355 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Rivian Automotive during the third quarter worth $35,000. 62.79% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.