Rivian Automotive, Inc. (NASDAQ:RIVN) Given Consensus Recommendation of “Moderate Buy” by Brokerages


Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) has received an average rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is 70.94.

A number of equity research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Rivian Automotive from $69.00 to $46.00 in a research note on Monday. Exane BNP Paribas raised shares of Rivian Automotive from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 12th. Piper Sandler reduced their price target on shares of Rivian Automotive from $112.00 to $108.00 in a research note on Thursday, May 12th. Royal Bank of Canada cut their target price on shares of Rivian Automotive from $100.00 to $77.00 in a research note on Thursday, May 12th. Finally, DA Davidson began coverage on shares of Rivian Automotive in a research note on Wednesday, June 1st. They set an “underperform” rating and a $24.00 target price on the stock.

Rivian Automotive Stock Up 0.6%

Shares of RIVN stock opened at 31.80 on Tuesday. The company has a quick ratio of 10.86, a current ratio of 11.19 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average is 28.35 and its two-hundred day moving average is 45.57. Rivian Automotive has a 12 month low of 19.25 and a 12 month high of 179.47.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last released its quarterly earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of -1.50 by 0.07. The company had revenue of 95.00 million during the quarter, compared to analysts’ expectations of 113.64 million. Equities research analysts anticipate that Rivian Automotive will post -6.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Motor Co Ford sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of 26.88, for a total value of 188,160,000.00. Following the sale, the insider now directly owns 86,947,494 shares of the company’s stock, valued at 2,337,148,638.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Motor Co Ford sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of 26.88, for a total value of 188,160,000.00. Following the sale, the insider now directly owns 86,947,494 shares of the company’s stock, valued at 2,337,148,638.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jay T. Flatley purchased 40,000 shares of the business’s stock in a transaction that occurred on Thursday, May 26th. The stock was acquired at an average price of 29.31 per share, for a total transaction of 1,172,400.00. Following the acquisition, the director now directly owns 92,616 shares of the company’s stock, valued at approximately 2,714,574.96. The disclosure for this purchase can be found here. Insiders have sold 15,006,926 shares of company stock valued at $402,737,029 in the last ninety days. Insiders own 2.34% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Rivian Automotive in the fourth quarter worth $3,395,000. Avantax Advisory Services Inc. acquired a new position in Rivian Automotive in the fourth quarter worth $567,000. Arizona State Retirement System acquired a new position in Rivian Automotive in the fourth quarter worth $4,902,000. TAP Consulting LLC acquired a new position in Rivian Automotive in the fourth quarter worth $30,000. Finally, Myriad Asset Management Ltd. acquired a new position in Rivian Automotive in the fourth quarter worth $3,837,000. Institutional investors own 78.67% of the company’s stock.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)



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