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

Rivian Automotive, Inc. (NASDAQ:RIVN) has been given an average recommendation of “Hold” by the twenty-seven brokerages that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, eighteen have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $14.33.

Several equities research analysts recently commented on RIVN shares. Cowen started coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. TD Cowen initiated coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective on the stock. Piper Sandler raised their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. Finally, Wedbush lowered their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $14.10 on Tuesday. The company’s fifty day moving average price is $13.31 and its 200 day moving average price is $12.92. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $15.94 billion, a P/E ratio of -2.99 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period last year, the business earned ($1.48) EPS. Rivian Automotive’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, sell-side analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now owns 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer now owns 1,483,111 shares of the company’s stock, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 384,265 shares of company stock valued at $5,201,750. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Modern Wealth Management LLC acquired a new position in Rivian Automotive during the first quarter worth about $135,000. Strs Ohio acquired a new position in Rivian Automotive during the first quarter worth about $1,180,000. GK Wealth Management LLC acquired a new position in Rivian Automotive during the first quarter worth about $150,000. Geneos Wealth Management Inc. raised its position in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its position in Rivian Automotive by 9.0% during the first quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker’s stock worth $239,000 after acquiring an additional 1,581 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.