Analysts Set Rivian Automotive, Inc. (NASDAQ:RIVN) PT at $19.00

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have received a consensus recommendation of “Hold” from the twenty-eight analysts that are covering the company, Marketbeat reports. Seven analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $19.00.

A number of brokerages have weighed in on RIVN. Needham & Company LLC reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. BNP Paribas Exane lifted their price objective on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a research note on Monday, July 27th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $19.00 target price on shares of Rivian Automotive in a report on Tuesday, July 28th.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $15.02 on Monday. The stock has a market cap of $21.75 billion, a price-to-earnings ratio of -5.82 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. Rivian Automotive has a 1 year low of $12.39 and a 1 year high of $22.69. The firm has a 50-day moving average of $16.02 and a two-hundred day moving average of $15.91.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company posted ($0.97) earnings per share. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, research analysts forecast that Rivian Automotive will post -2.98 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the transaction, the insider directly owned 1,016,776 shares in the company, valued at approximately $16,563,281.04. The trade was a 1.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 56,167 shares of company stock valued at $963,306. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Independent Financial Group LLC bought a new position in shares of Rivian Automotive during the 1st quarter worth approximately $985,000. Baird Financial Group Inc. boosted its stake in Rivian Automotive by 163.9% in the second quarter. Baird Financial Group Inc. now owns 289,693 shares of the electric vehicle automaker’s stock valued at $5,026,000 after acquiring an additional 179,913 shares in the last quarter. Swedbank AB grew its holdings in Rivian Automotive by 8.6% in the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after purchasing an additional 74,322 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Rivian Automotive by 34.9% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker’s stock worth $5,249,000 after purchasing an additional 90,200 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Rivian Automotive during the fourth quarter worth $4,895,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.