Rivian Automotive’s (RIVN) “Hold” Rating Reiterated at Truist Financial

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating restated by stock analysts at Truist Financial in a research note issued to investors on Thursday, Benzinga reports. They currently have a $10.00 price target on the electric vehicle automaker’s stock, down from their prior price target of $11.00. Truist Financial’s price target would indicate a potential upside of 7.07% from the company’s current price.

A number of other research analysts have also recently issued reports on RIVN. The Goldman Sachs Group decreased their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, January 25th. Stifel Nicolaus decreased their target price on 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 decreased their target price on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. Evercore ISI cut their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Finally, Jefferies Financial Group initiated coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.57.

Rivian Automotive Stock Performance

Rivian Automotive stock traded up $0.13 during mid-day trading on Thursday, hitting $9.34. 4,248,246 shares of the company’s stock traded hands, compared to its average volume of 41,334,039. 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 cap of $9.13 billion, a price-to-earnings ratio of -1.62 and a beta of 1.91. The firm has a 50 day simple moving average of $10.43 and a two-hundred day simple moving average of $15.29. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06.

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

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction that occurred on 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of RIVN. Federated Hermes Inc. boosted its position in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after purchasing an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its position in Rivian Automotive by 5.3% in the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after purchasing an additional 668 shares during the last quarter. Laidlaw Wealth Management LLC boosted its position in Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its position in Rivian Automotive by 10.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after purchasing an additional 727 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in Rivian Automotive by 13.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after purchasing an additional 775 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.