Rivian Automotive (NASDAQ:RIVN) Stock Rating Reaffirmed by Truist Financial

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating reiterated by research analysts at Truist Financial in a research report issued on Thursday, Benzinga reports. They currently have a $10.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $11.00. Truist Financial’s price objective indicates a potential downside of 0.70% from the stock’s previous close.

RIVN has been the topic of a number of other research reports. DA Davidson lowered their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Finally, Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.57.

Rivian Automotive Stock Performance

RIVN stock traded up $0.24 during midday trading on Thursday, reaching $10.07. 47,151,951 shares of the company’s stock traded hands, compared to its average volume of 38,779,584. The company has a 50-day moving average price of $10.40 and a two-hundred day moving average price of $15.19. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Sell-side analysts forecast that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Essex Investment Management Co. LLC purchased a new stake in shares of Rivian Automotive during the first quarter worth about $521,000. CV Advisors LLC raised its stake in Rivian Automotive by 9.6% in the first quarter. CV Advisors LLC now owns 30,881 shares of the electric vehicle automaker’s stock worth $338,000 after buying an additional 2,714 shares in the last quarter. Larson Financial Group LLC raised its stake in Rivian Automotive by 95.4% in the first quarter. Larson Financial Group LLC now owns 16,854 shares of the electric vehicle automaker’s stock worth $185,000 after buying an additional 8,228 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Rivian Automotive by 27.5% in the first quarter. Daiwa Securities Group Inc. now owns 76,544 shares of the electric vehicle automaker’s stock worth $838,000 after buying an additional 16,487 shares in the last quarter. Finally, Choreo LLC raised its stake in Rivian Automotive by 27.1% in the first quarter. Choreo LLC now owns 12,780 shares of the electric vehicle automaker’s stock worth $140,000 after buying an additional 2,724 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.