Rivian Automotive (NASDAQ:RIVN) Receives Hold Rating from Truist Financial

Truist Financial reiterated their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a $11.00 target price on the electric vehicle automaker’s stock.

Other analysts have also recently issued research reports about the company. Needham & Company LLC lowered their price target on Rivian Automotive from $22.00 to $18.00 and set a buy rating on the stock in a report on Thursday, February 22nd. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a buy rating on the stock in a research report on Monday, February 26th. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set an equal weight rating on the stock in a report on Thursday, February 22nd. Piper Sandler raised Rivian Automotive from a neutral rating to an overweight rating and upped their price target for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Finally, Barclays cut their target price on shares of Rivian Automotive from $16.00 to $12.00 and set an equal weight rating on the stock in a research note on Monday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $19.87.

Rivian Automotive Stock Down 8.0 %

Shares of NASDAQ RIVN opened at $8.40 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $8.21 billion, a PE ratio of -1.46 and a beta of 1.88. Rivian Automotive has a one year low of $8.32 and a one year high of $28.06. The business’s fifty day moving average price is $12.12 and its 200-day moving average price is $16.24.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (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 net margin of 122.51% and a negative return on equity of 45.97%. On average, equities research analysts anticipate that Rivian Automotive will post -4.8 EPS for the current year.

Insider Buying and Selling

In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated 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 directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Stifel Financial Corp lifted its position in shares of Rivian Automotive by 7.3% during the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after acquiring an additional 19,699 shares during the period. CenterBook Partners LP purchased a new stake in Rivian Automotive during the third quarter worth $4,473,000. Atria Wealth Solutions Inc. grew its holdings in Rivian Automotive by 448.0% in the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock valued at $5,569,000 after purchasing an additional 187,495 shares during the last quarter. Morgan Stanley increased its position in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new position in shares of Rivian Automotive during the 3rd quarter worth $1,806,000. Institutional investors and hedge funds 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.