Rivian Automotive, Inc. (NASDAQ:RIVN) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have earned an average recommendation of “Hold” from the twenty-seven brokerages that are presently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $18.5714.

A number of equities analysts have recently commented on the company. BNP Paribas Exane reiterated an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, April 6th. DA Davidson boosted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Tigress Financial reiterated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $16.52 on Friday. Rivian Automotive has a 52 week low of $11.57 and a 52 week high of $22.69. The stock has a market capitalization of $20.50 billion, a P/E ratio of -5.66 and a beta of 1.62. The firm has a fifty day simple moving average of $15.67 and a two-hundred day simple moving average of $16.38. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the business’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 transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company’s stock, valued at $17,042,652. This trade represents a 1.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,340 shares of company stock worth $1,560,246 in the last quarter. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Danske Bank A S boosted its position in shares of Rivian Automotive by 36.8% during the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after buying an additional 165,300 shares during the period. Trek Financial LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $6,115,000. Swedbank AB increased its stake in Rivian Automotive by 8.6% in the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after buying an additional 74,322 shares during the period. DNB Asset Management AS increased its stake in Rivian Automotive by 85.4% in the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after buying an additional 335,511 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Rivian Automotive in the 4th quarter worth about $4,895,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.