Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $18.14 Average Price Target from Analysts

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned a consensus recommendation of “Hold” from the twenty-three brokerages that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $18.14.

A number of analysts have issued reports on RIVN shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial upped their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Needham & Company LLC lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock valued at $7,552,869 over the last ninety days. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. grew its position in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after acquiring an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter worth $129,427,000. Finally, Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 3.7 %

Shares of NASDAQ:RIVN opened at $13.23 on Friday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The business has a fifty day simple moving average of $14.96 and a 200 day simple moving average of $12.22.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 65.40% and a negative net margin of 115.50%. On average, equities research analysts expect that Rivian Automotive will post -4.72 EPS for the current fiscal year.

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.