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

Key Points

• Rivian Automotive has received a consensus recommendation of "Hold" from 26 rating firms, with 5 analysts recommending a buy, 18 a hold, and 3 a sell.
• The company's quarterly earnings report showed a loss of ($0.97) earnings per share, missing consensus estimates, despite a 12.5% year-over-year revenue increase to $1.30 billion.
• CEO Robert J. Scaringe sold 71,428 shares, indicating a 4.59% decrease in his stake in the company, while several hedge funds have recently increased their investments in Rivian.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) has been given an average rating of "Hold" by the twenty-six research firms that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, eighteen have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $13.6870.

Several research analysts recently weighed in on RIVN shares. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Wednesday, May 7th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Wedbush cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Large investors have recently modified their holdings of the company. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the period. Assetmark Inc. increased its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,357 shares during the period. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% during the 1st 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. Fairman Group LLC bought a new position in shares of Rivian Automotive during the 2nd quarter valued at about $31,000. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Trading Up 1.5%

Shares of Rivian Automotive stock traded up $0.18 during trading on Friday, reaching $12.24. 51,919,853 shares of the stock were exchanged, compared to its average volume of 41,187,048. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The stock's fifty day moving average is $13.17 and its 200 day moving average is $12.95. The firm has a market cap of $14.85 billion, a price-to-earnings ratio of -3.79 and a beta of 1.80. Rivian Automotive has a 1 year low of $9.50 and a 1 year high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the business posted ($1.46) EPS. Rivian Automotive's revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities research analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

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.