Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $19.61 Average Price Target from Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $19.57.

Several research firms have weighed in on RIVN. Jefferies Financial Group started coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. Evercore ISI cut their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research note on Tuesday, April 16th. Wells Fargo & Company cut their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Finally, Barclays decreased their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th.

Rivian Automotive Stock Up 2.4 %

Shares of RIVN stock opened at $10.07 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The company’s fifty day moving average price is $10.40 and its 200-day moving average price is $15.13. The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of -1.75 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Sell-side analysts expect that Rivian Automotive will post -4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s 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 owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last quarter. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ancora Advisors LLC purchased a new stake in Rivian Automotive in the third quarter worth about $27,000. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive during the 4th quarter valued at about $26,000. First Horizon Advisors Inc. raised its holdings in shares of Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Finally, Arlington Trust Co LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $35,000. Institutional investors own 66.25% of the company’s stock.

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.