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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) has received a consensus recommendation of "Hold" from the twenty-seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $14.33.

Several equities analysts have recently issued reports on the company. Needham & Company LLC cut their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Jefferies Financial Group reissued a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Wedbush cut their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a "hold" rating on the stock.

Rivian Automotive Price Performance

NASDAQ RIVN traded up $0.22 on Tuesday, hitting $14.00. 24,402,167 shares of the company were exchanged, compared to its average volume of 36,234,875. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $18.86. The firm has a 50 day moving average of $13.41 and a two-hundred day moving average of $12.99. The company has a market cap of $15.83 billion, a P/E ratio of -2.97 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period in the prior year, the business earned ($1.48) earnings per share. Rivian Automotive's quarterly revenue was up 3.0% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer now owns 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock valued at $5,201,750 in the last 90 days. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Vanguard Group Inc. boosted its position in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors acquired a new stake in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at $123,308,000. Finally, Soma Equity Partners LP lifted its stake in Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.