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

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

RIVN has been the topic of a number of research reports. Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Piper Sandler upped their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Cowen began coverage on Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating on the stock. Finally, Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd.

Rivian Automotive Stock Performance

NASDAQ:RIVN traded down $0.31 during trading hours on Friday, hitting $13.60. 27,432,159 shares of the company were exchanged, compared to its average volume of 34,438,494. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. Rivian Automotive has a 52-week low of $9.50 and a 52-week high of $18.86. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of -3.66 and a beta of 1.86. The company's 50 day moving average price is $14.09 and its 200-day moving average price is $13.18.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.48) earnings per share. As a group, research analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the sale, the chief executive officer now directly owns 1,483,111 shares in the company, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 9,937 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now owns 851,637 shares in the company, valued at $12,774,555. The trade was a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 312,836 shares of company stock worth $4,357,459 in the last 90 days. Insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the business. PFS Partners LLC raised its holdings in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after acquiring an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive in the first quarter valued at approximately $34,000. Finally, Olde Wealth Management LLC purchased a new position in Rivian Automotive during the first quarter worth approximately $37,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.