Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) has been assigned a consensus rating of “Hold” from the twenty-seven research firms that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $18.5714.
A number of equities research analysts recently weighed in on RIVN shares. BNP Paribas Exane reaffirmed an “outperform” rating and set a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, June 10th. DA Davidson raised their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, March 3rd.
View Our Latest Analysis on Rivian Automotive
Rivian Automotive Price Performance
Key Headlines Impacting Rivian Automotive
Here are the key news stories impacting Rivian Automotive this week:
- Positive Sentiment: Investors are responding favorably to Rivian’s push into the next phase of growth, including the start of R2 deliveries and fresh commentary from CEO RJ Scaringe about an aggressive autonomous-driving roadmap. Rivian also announced a partnership with ChargeScape to enroll its high-capacity batteries in utility managed-charging programs, which could create incremental value from its EV fleet. Article Title Article Title
- Neutral Sentiment: Market chatter is also focused on Rivian’s R2 rollout and whether the lower-priced SUV can become a mass-market product, with some commentary noting the model is promising but still faces pricing and execution challenges. Article Title Article Title
- Negative Sentiment: Rivian confirmed it is laying off hundreds of workers, or less than 2% of its workforce, largely in service and customer-facing roles, as it looks to cut costs and narrow losses. The move suggests profitability remains under pressure even as the company ramps its most important new vehicle. Article Title Article Title
- Negative Sentiment: Several reports say the layoffs and the relatively high lease pricing for the R2 are raising questions about whether Rivian’s growth story is improving fast enough to support investor expectations. Article Title Article Title
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the transaction, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in RIVN. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter worth $220,323,000. Renaissance Technologies LLC grew its holdings in Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after acquiring an additional 4,012,386 shares in the last quarter. Vanguard Group Inc. grew its holdings in Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares in the last quarter. Capital International Investors grew its holdings in Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.
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.
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