Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $14.33 Consensus PT from Brokerages

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have received a consensus recommendation of “Hold” from the twenty-seven analysts that are covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, eighteen have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $14.33.

A number of equities analysts recently commented on the company. Needham & Company LLC dropped their price target on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. TD Cowen initiated coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. Piper Sandler raised their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, May 22nd. Finally, Cowen initiated coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating for the company.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $14.00 on Tuesday. The stock has a 50-day moving average price of $13.41 and a 200 day moving average price of $13.01. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $18.86. The stock has a market capitalization of $15.83 billion, a P/E ratio of -2.97 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same period in the prior year, the company earned ($1.48) earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. Equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock worth $5,201,750 in the last ninety days. 2.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Modern Wealth Management LLC purchased a new position in shares of Rivian Automotive in the 1st quarter valued at $135,000. Strs Ohio acquired a new stake in shares of Rivian Automotive in the 1st quarter worth $1,180,000. GK Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter worth $150,000. Geneos Wealth Management Inc. boosted its position in shares of Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares in the last quarter. Finally, Belpointe Asset Management LLC boosted its position in shares of Rivian Automotive by 9.0% in the 1st quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker’s stock worth $239,000 after purchasing an additional 1,581 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.