Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $18.95 Consensus Target Price from Analysts

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned a consensus recommendation of “Hold” from the twenty-seven ratings firms that are presently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $18.9545.

Several analysts have recently commented on the company. DA Davidson increased their price objective on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Wells Fargo & Company boosted their target price on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. BNP Paribas Exane upped their target price on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. TD Cowen increased their price target on Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday.

Insider Activity at Rivian Automotive

In related 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 value of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. 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 sold 68,385 shares of company stock valued at $1,125,094 in the last three months. 1.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $49,915,000. Handelsbanken Fonder AB lifted its position in Rivian Automotive by 2.1% during the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock worth $4,698,000 after acquiring an additional 5,600 shares during the period. Valeo Financial Advisors LLC lifted its position in Rivian Automotive by 6.8% during the 2nd quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after acquiring an additional 1,642 shares during the period. Assenagon Asset Management S.A. grew its stake in Rivian Automotive by 2.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new stake in Rivian Automotive during the 1st quarter valued at about $179,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $15.38 on Friday. The firm’s fifty day simple moving average is $16.65 and its two-hundred day simple moving average is $15.81. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. Rivian Automotive has a 12-month low of $11.58 and a 12-month high of $22.69. The firm has a market capitalization of $20.93 billion, a P/E ratio of -5.96 and a beta of 1.61.

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.