Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $18.05 Average Target Price from Analysts

by · The Markets Daily

Shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) have been assigned a consensus recommendation of “Hold” from the twenty-six analysts that are covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $18.0476.

Several brokerages have recently weighed in on RIVN. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research report on Thursday, January 22nd. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, December 8th. Wedbush reiterated an “outperform” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, February 13th. Deutsche Bank Aktiengesellschaft raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and increased their price target for the company from $16.00 to $23.00 in a report on Friday, February 13th. Finally, Bank of America started coverage on Rivian Automotive in a report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price objective for the company.

Check Out Our Latest Report on RIVN

Rivian Automotive Stock Down 0.7%

RIVN stock opened at $14.94 on Monday. Rivian Automotive has a 1-year low of $10.36 and a 1-year high of $22.69. The business’s 50 day simple moving average is $15.37 and its 200 day simple moving average is $15.92. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $18.54 billion, a PE ratio of -4.87 and a beta of 1.69.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm posted ($0.70) EPS. The company’s quarterly revenue was down 25.8% on a year-over-year basis. As a group, research analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Key Stories Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the sale, the chief executive officer owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. This trade represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 131,833 shares of company stock worth $2,196,995. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $220,323,000. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after purchasing an additional 4,012,386 shares during the period. Vanguard Group Inc. raised its stake in Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors raised its stake in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

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