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

Rivian Automotive, Inc. (NASDAQ:RIVN) has received an average recommendation of “Moderate Buy” from the twenty-four analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $19.61.

Several analysts have recently weighed in on the company. Barclays reduced their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. JPMorgan Chase & Co. downgraded Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Tuesday, April 16th. Finally, Mizuho reissued a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th.

Rivian Automotive Stock Up 3.5 %

Shares of NASDAQ:RIVN opened at $9.21 on Monday. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The firm has a 50 day simple moving average of $10.43 and a 200-day simple moving average of $15.29. The company has a market capitalization of $9.00 billion, a PE ratio of -1.60 and a beta of 1.88. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, equities analysts predict that Rivian Automotive will post -4.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 2,946 shares of the 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 transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive in the 3rd quarter valued at about $27,000. First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 1,245 shares during the last quarter. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive in the first quarter valued at approximately $33,000. Hedge funds and other 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.