Truist Financial Reaffirms “Hold” Rating for Rivian Automotive (NASDAQ:RIVN)

Truist Financial reaffirmed their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Thursday, Benzinga reports. They currently have 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 RIVN. Robert W. Baird dropped their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a buy rating for the company in a research report on Thursday, April 18th. UBS Group upgraded shares of Rivian Automotive from a sell rating to a neutral rating and set a $9.00 target price for the company in a research report on Tuesday, April 16th. Piper Sandler upgraded shares of Rivian Automotive from a neutral rating to an overweight rating and upped their target price for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Finally, Morgan Stanley lowered their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of Moderate Buy and a consensus target price of $19.57.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.30 on Thursday, hitting $10.37. The company’s stock had a trading volume of 5,016,510 shares, compared to its average volume of 41,549,172. 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 company has a 50 day moving average price of $10.40 and a 200 day moving average price of $15.13. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a market capitalization of $10.14 billion, a PE ratio of -1.75 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last posted 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. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, research analysts anticipate that Rivian Automotive will post -4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Ancora Advisors LLC bought a new stake in shares of Rivian Automotive during the third quarter worth $27,000. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $26,000. First Horizon Advisors Inc. grew its stake in shares of Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 1,245 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. Finally, Arlington Trust Co LLC bought a new stake in shares of Rivian Automotive during the fourth quarter worth $35,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.