Rivian Automotive, Inc. (NASDAQ:RIVN) Given Average Recommendation of “Hold” by Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned a consensus recommendation of “Hold” from the twenty-five ratings firms that are presently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $17.8571.

Several research analysts have recently issued reports on RIVN shares. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday, February 9th. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Wedbush restated an “outperform” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, February 13th.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. The trade was a 3.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $15.00, for a total value of $261,750.00. Following the transaction, the chief executive officer directly owned 1,027,281 shares of the company’s stock, valued at $15,409,215. The trade was a 1.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 135,488 shares of company stock valued at $2,369,819 over the last ninety days. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after purchasing an additional 799,030 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $1,324,000. Farther Finance Advisors LLC boosted its stake in shares of Rivian Automotive by 227.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after purchasing an additional 81,291 shares in the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Rivian Automotive by 244.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after buying an additional 1,152,551 shares during the period. Finally, Tableaux LLC purchased a new position in shares of Rivian Automotive during the second quarter valued at about $3,435,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 3.3%

NASDAQ RIVN opened at $15.87 on Thursday. Rivian Automotive has a 1-year low of $10.36 and a 1-year high of $22.69. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97. The stock has a 50-day moving average of $16.41 and a 200-day moving average of $15.72. The firm has a market cap of $19.69 billion, a PE ratio of -5.17 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned ($0.70) EPS. Rivian Automotive’s revenue for the quarter was down 25.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.