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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given an average rating of “Hold” by the twenty-six ratings firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seventeen have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $14.38.

A number of equities analysts have issued reports on the stock. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Mizuho cut their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Guggenheim decreased their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Finally, Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $12.10 on Thursday. The firm has a 50 day moving average of $12.32 and a 200-day moving average of $12.14. The company has a market cap of $13.68 billion, a price-to-earnings ratio of -2.56 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital International Investors purchased a new position in Rivian Automotive in the fourth quarter worth $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $123,308,000. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $29,944,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. Hedge funds and other institutional investors 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.