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

Key Points

• Rivian Automotive, Inc. has been assigned an average analyst rating of "Hold", with three sell recommendations, sixteen hold, and five buys from a total of twenty-four research firms.
• The company recently reported quarterly earnings, missing EPS expectations by ($0.32) but achieving revenue of $1.30 billion, slightly above analysts' predictions.
• Insider activity includes CFO Claire Mcdonough selling 7,247 shares, reducing her position by 0.91%, while institutional investors like Vanguard Group have increased their holdings in Rivian.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) have been assigned an average rating of "Hold" from the twenty-four research firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, sixteen have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $13.6727.

A number of equities analysts recently commented on RIVN shares. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Wedbush dropped their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Morgan Stanley dropped their price objective on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Finally, Mizuho increased their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $13.91 on Thursday. The firm has a market capitalization of $16.88 billion, a PE ratio of -4.31 and a beta of 1.81. The stock's fifty day moving average is $13.03 and its 200 day moving average is $12.98. Rivian Automotive has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same period in the previous year, the firm earned ($1.46) earnings per share. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock valued at $1,086,507,000 after purchasing an additional 1,983,509 shares during the period. Geode Capital Management LLC increased its holdings in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock worth $200,200,000 after purchasing an additional 689,045 shares during the period. Soma Equity Partners LP raised its position in 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 purchasing an additional 1,407,772 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock worth $100,195,000 after buying an additional 809,064 shares during the period. Finally, Norges Bank bought a new position in shares of Rivian Automotive during the 2nd quarter worth $105,629,000. 66.25% of the stock is owned by hedge funds and other 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.

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