Rivian Automotive, Inc. (NASDAQ:RIVN) Given Average Recommendation of “Hold” by Brokerages

Rivian Automotive, Inc. (NASDAQ:RIVN) has earned an average rating of “Hold” from the twenty-five ratings firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $15.48.

Several brokerages recently commented on RIVN. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group cut their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Stifel Nicolaus cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $13.85 on Friday. The stock’s fifty day simple moving average is $12.53 and its 200 day simple moving average is $13.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market cap of $14.14 billion, a price-to-earnings ratio of -2.47 and a beta of 2.05. Rivian Automotive has a one year low of $8.26 and a one year high of $19.12.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,429 shares of company stock valued at $4,467,450. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its stake in Rivian Automotive by 12.1% in the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock valued at $901,000 after acquiring an additional 6,817 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $380,000. GAMMA Investing LLC boosted its position in shares of Rivian Automotive by 82.6% during the fourth quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock worth $118,000 after buying an additional 4,022 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of Rivian Automotive by 72.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after buying an additional 37,647 shares during the period. Finally, Tidal Investments LLC boosted its position in shares of Rivian Automotive by 28.8% during the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after buying an additional 60,205 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.