Rivian Automotive, Inc. (NASDAQ:RIVN) Given Consensus Rating of “Reduce” by Analysts

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) have received a consensus rating of “Reduce” from the twenty-six brokerages that are currently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $13.6727.

Several brokerages have recently issued reports on RIVN. Mizuho reissued an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Zacks Research downgraded Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Friday, October 3rd. Guggenheim cut Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Finally, Wall Street Zen cut Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 42,147 shares of company stock worth $577,593. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Rivian Automotive in the second quarter valued at approximately $105,629,000. Vanguard Group Inc. grew its position in Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Nuveen LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at $33,582,000. AQR Capital Management LLC increased its stake in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after buying an additional 1,916,686 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 1.3%

NASDAQ RIVN opened at $15.22 on Friday. The stock has a 50-day simple moving average of $13.87 and a 200 day simple moving average of $13.64. The company has a market capitalization of $18.47 billion, a PE ratio of -4.89 and a beta of 1.81. The company has a current ratio of 2.71, a quick ratio of 2.72 and a debt-to-equity ratio of 0.87. Rivian Automotive has a 12 month low of $9.55 and a 12 month high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted ($1.46) EPS. Research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

About Rivian Automotive

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.