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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned a consensus rating of “Hold” from the twenty-seven brokerages that are covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $18.5714.

Several equities analysts have recently commented on RIVN shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Stifel Nicolaus upped their price target on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. BNP Paribas Exane reaffirmed an “outperform” rating and issued a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and upped their price target for the company from $15.00 to $16.00 in a research note on Friday, February 13th. Finally, Cantor Fitzgerald upped their price target on Rivian Automotive from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, May 1st.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 5,544 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $13.43, for a total value of $74,455.92. Following the sale, the chief financial officer owned 902,630 shares in the company, valued at approximately $12,122,320.90. The trade was a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, CEO Robert J. Scaringe sold 21,446 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total value of $346,781.82. Following the completion of the sale, the chief executive officer owned 1,001,138 shares in the company, valued at $16,188,401.46. This represents a 2.10% 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. Insiders sold a total of 92,399 shares of company stock worth $1,443,578 in the last quarter. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the period. Capital International Investors raised its holdings in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the period. Geode Capital Management LLC increased its holdings in Rivian Automotive by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after purchasing an additional 59,503 shares during the period. Finally, Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter worth about $220,323,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $14.22 on Tuesday. Rivian Automotive has a 52 week low of $11.57 and a 52 week high of $22.69. The business’s fifty day simple moving average is $15.30 and its 200-day simple moving average is $16.31. The firm has a market cap of $17.65 billion, a PE ratio of -4.87 and a beta of 1.64. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Rivian Automotive Company Profile

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.