Rivian Automotive, Inc. (NASDAQ:RIVN) Given Average Recommendation of "Hold" by Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) has been assigned a consensus recommendation of "Hold" from the twenty-six research firms that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $14.17.

A number of research firms recently weighed in on RIVN. The Goldman Sachs Group lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Truist Financial raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Robert W. Baird reduced their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock worth $2,237,044. Corporate insiders own 2.51% of the company's stock.

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Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $144,030,000. Norges Bank bought a new position in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the period. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Down 1.0 %

Shares of NASDAQ RIVN traded down $0.12 during midday trading on Monday, reaching $11.91. 20,935,336 shares of the stock were exchanged, compared to its average volume of 36,914,800. The stock has a market capitalization of $13.47 billion, a P/E ratio of -2.52 and a beta of 1.89. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a 50 day simple moving average of $11.97 and a 200 day simple moving average of $12.06. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

About Rivian Automotive

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.