Brokerages Set Rivian Automotive, Inc. (NASDAQ:RIVN) Target Price at $17.91

by · The Cerbat Gem

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) has been given an average rating of “Hold” by the twenty-three ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $17.91.

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Guggenheim started coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday. Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th.

Check Out Our Latest Report on Rivian Automotive

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $13,618,074.27. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders sold 512,734 shares of company stock valued at $8,038,565 over the last 90 days. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Quent Capital LLC boosted its stake in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in Rivian Automotive in the first quarter worth about $33,000. Fairman Group LLC bought a new stake in Rivian Automotive in the fourth quarter valued at about $36,000. Finally, International Assets Investment Management LLC acquired a new stake in Rivian Automotive during the second quarter valued at approximately $37,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.22 on Thursday. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.87. The firm has a market cap of $11.17 billion, a price-to-earnings ratio of -1.94 and a beta of 2.06. The company’s 50-day moving average is $13.79 and its two-hundred day moving average is $12.32. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Research analysts expect that Rivian Automotive will post -4.8 EPS for the current year.

Rivian Automotive Company Profile

(Get Free Report

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.

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