Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given a consensus rating of “Moderate Buy” by the twenty-five ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $19.46.

Several equities research analysts recently weighed in on the stock. DA Davidson boosted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. UBS Group boosted their price objective on shares of Rivian Automotive from $10.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 414,287 shares of company stock worth $6,293,588. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at about $26,000. Quent Capital LLC boosted its position in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at about $33,000. Finally, Benjamin Edwards Inc. bought a new stake in Rivian Automotive during the first quarter valued at about $33,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Down 4.2 %

Shares of RIVN opened at $17.19 on Friday. The company’s fifty day moving average is $12.39 and its 200 day moving average is $12.84. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The stock has a market capitalization of $17.11 billion, a PE ratio of -2.98 and a beta of 2.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Sell-side analysts expect that Rivian Automotive will post -4.87 earnings per share for the current fiscal year.

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.