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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have received an average recommendation of “Hold” from the twenty-seven analysts that are presently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.0455.

Several brokerages have recently issued reports on RIVN. BNP Paribas Exane lifted their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. DA Davidson lifted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday, August 4th. UBS Group increased their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th.

Insiders Place Their Bets

In related news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 41,167 shares of company stock worth $718,956 over the last quarter. 1.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the business. HORAN Wealth LLC acquired a new stake in Rivian Automotive in the 2nd quarter valued at approximately $414,000. California State Teachers Retirement System lifted its holdings in shares of Rivian Automotive by 1,696.5% during the second quarter. California State Teachers Retirement System now owns 22,267,094 shares of the electric vehicle automaker’s stock worth $386,334,000 after buying an additional 21,027,647 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Rivian Automotive in the second quarter valued at approximately $109,000. Saudi Central Bank boosted its position in shares of Rivian Automotive by 92.0% in the second quarter. Saudi Central Bank now owns 56,287 shares of the electric vehicle automaker’s stock valued at $977,000 after acquiring an additional 26,968 shares during the period. Finally, AlphaGrep UK Ltd acquired a new stake in shares of Rivian Automotive in the second quarter worth $184,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.61 on Thursday. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. Rivian Automotive has a 1 year low of $12.39 and a 1 year high of $22.69. The business has a fifty day simple moving average of $16.54 and a 200 day simple moving average of $15.92. The firm has a market cap of $22.60 billion, a price-to-earnings ratio of -6.05 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the firm earned ($0.97) earnings per share. The business’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, sell-side analysts predict that Rivian Automotive will post -2.98 earnings per share for the current fiscal 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.