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.
Read Our Latest Research Report on RIVN
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
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Get Free ReportRivian 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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