Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Consensus Rating of "Hold" from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) have received a consensus recommendation of "Hold" from the twenty-six brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $15.13.

RIVN has been the subject of a number of recent research reports. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, November 11th. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday. They issued an "underperform" rating and a $6.10 price target for the company. Barclays boosted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. Finally, Needham & Company LLC lowered their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, November 8th.

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Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the company's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 363,142 shares of company stock worth $4,958,860. Company insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. Global Retirement Partners LLC raised its stake in Rivian Automotive by 29.2% in the fourth quarter. Global Retirement Partners LLC now owns 25,341 shares of the electric vehicle automaker's stock valued at $337,000 after buying an additional 5,731 shares in the last quarter. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $27,000. CIBC Asset Management Inc lifted its stake in Rivian Automotive by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 32,374 shares of the electric vehicle automaker's stock worth $431,000 after purchasing an additional 1,756 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Rivian Automotive by 5.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 296,013 shares of the electric vehicle automaker's stock valued at $3,937,000 after purchasing an additional 14,513 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $556,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded up $0.05 during trading hours on Wednesday, reaching $12.56. 20,329,200 shares of the company's stock were exchanged, compared to its average volume of 36,209,252. The business has a fifty day moving average of $13.44 and a two-hundred day moving average of $12.83. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $12.82 billion, a P/E ratio of -2.24 and a beta of 2.05. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85.

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.