Rivian Automotive (NASDAQ:RIVN) Rating Reiterated by Truist Financial

Truist Financial reissued their hold rating on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a research note published on Thursday, Benzinga reports. They currently have a $10.00 target price on the electric vehicle automaker's stock, down from their prior target price of $11.00.

RIVN has been the subject of a number of other research reports. Bank of America reduced their price target on Rivian Automotive from $40.00 to $25.00 and set a buy rating for the company in a research report on Thursday, February 22nd. The Goldman Sachs Group lowered their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a neutral rating on the stock in a report on Thursday, January 25th. JPMorgan Chase & Co. cut shares of Rivian Automotive from a neutral rating to an underweight rating and reduced their price objective for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set an equal weight rating on the stock in a research report on Thursday, February 22nd. Finally, Mizuho reaffirmed a neutral rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $19.57.

Rivian Automotive Stock Performance

RIVN stock traded up $0.62 on Thursday, hitting $9.83. The company had a trading volume of 54,730,955 shares, compared to its average volume of 41,938,848. The stock has a market cap of $9.61 billion, a price-to-earnings ratio of -1.71 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The stock's 50-day simple moving average is $10.40 and its 200 day simple moving average is $15.25. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, equities research analysts expect that Rivian Automotive will post -4.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business's stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Jeff Baker sold 31,425 shares of the firm's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company's stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last 90 days. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Daiwa Securities Group Inc. grew its holdings in Rivian Automotive by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 76,544 shares of the electric vehicle automaker's stock valued at $838,000 after purchasing an additional 16,487 shares during the last quarter. Choreo LLC lifted its stake in shares of Rivian Automotive by 27.1% during the 1st quarter. Choreo LLC now owns 12,780 shares of the electric vehicle automaker's stock worth $140,000 after acquiring an additional 2,724 shares during the last quarter. Hollencrest Capital Management boosted its holdings in Rivian Automotive by 734.1% during the 1st quarter. Hollencrest Capital Management now owns 8,349 shares of the electric vehicle automaker's stock valued at $91,000 after acquiring an additional 7,348 shares during the period. Janney Montgomery Scott LLC grew its position in Rivian Automotive by 19.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker's stock valued at $1,875,000 after acquiring an additional 27,784 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock valued at $69,291,000 after acquiring an additional 5,937,605 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.