Brokerages Set Rivian Automotive, Inc. (NASDAQ:RIVN) PT at $17.91

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been given a consensus rating of “Hold” by the twenty-three analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $17.91.

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Needham & Company LLC cut their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wells Fargo & Company reduced their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 512,734 shares of company stock valued at $8,038,565. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Centaurus Financial Inc. raised its position in shares of Rivian Automotive by 35.2% in the 2nd quarter. Centaurus Financial Inc. now owns 12,843 shares of the electric vehicle automaker’s stock valued at $172,000 after buying an additional 3,347 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Rivian Automotive during the second quarter valued at approximately $550,000. Cetera Investment Advisers lifted its stake in Rivian Automotive by 9.5% during the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after purchasing an additional 18,243 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Rivian Automotive by 149.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after purchasing an additional 31,232 shares in the last quarter. Finally, Regal Investment Advisors LLC boosted its holdings in shares of Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Up 1.9 %

RIVN opened at $10.64 on Thursday. The firm’s fifty day simple moving average is $13.65 and its 200 day simple moving average is $12.31. The stock has a market capitalization of $10.73 billion, a P/E ratio of -1.83 and a beta of 2.06. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, research analysts anticipate that Rivian Automotive will post -4.92 EPS for the current fiscal year.

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.