Rivian Automotive (NASDAQ:RIVN) Rating Reiterated by Truist Financial

Truist Financial reaffirmed their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report released on Thursday morning, Benzinga reports. Truist Financial currently has a $10.00 price objective on the electric vehicle automaker’s stock, down from their prior price objective of $11.00.

Several other analysts have also recently commented on the company. Needham & Company LLC decreased their target price on Rivian Automotive from $18.00 to $13.00 and set a buy rating for the company in a research report on Thursday, April 18th. Jefferies Financial Group started coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a buy rating and a $16.00 target price for the company. Bank of America decreased their target price on Rivian Automotive from $40.00 to $25.00 and set a buy rating for the company in a research report on Thursday, February 22nd. UBS Group upgraded Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price objective for the company in a report on Tuesday, April 16th. Finally, The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating for the company in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $19.57.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.30 during trading hours on Thursday, hitting $10.37. 5,016,510 shares of the company were exchanged, compared to its average volume of 41,549,172. The company has a market capitalization of $10.14 billion, a PE ratio of -1.75 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a fifty day simple moving average of $10.40 and a 200-day simple moving average of $15.13. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, sell-side analysts predict that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive during the third quarter worth $27,000. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the fourth quarter valued at about $26,000. First Horizon Advisors Inc. grew its stake in Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares during the period. Principal Securities Inc. acquired a new position in Rivian Automotive in the fourth quarter valued at about $33,000. Finally, Arlington Trust Co LLC acquired a new position in Rivian Automotive in the fourth quarter valued at about $35,000. Institutional investors own 66.25% of the company’s stock.

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.