Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $15.09 Consensus PT from Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has been given a consensus recommendation of “Hold” by the twenty-five ratings firms that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $14.87.

Several equities research analysts recently weighed in on the company. Wells Fargo & Company upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, February 21st.

Rivian Automotive Trading Up 1.8 %

Shares of RIVN opened at $11.60 on Friday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm’s 50-day moving average price is $13.39 and its 200-day moving average price is $12.46. The firm has a market capitalization of $11.84 billion, a price-to-earnings ratio of -2.46 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,357 shares of company stock valued at $3,988,140. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors purchased a new stake in Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth about $123,308,000. Finally, Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after buying an additional 1,407,772 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.