Rivian Automotive’s (RIVN) “Hold” Rating Reaffirmed at Truist Financial

Truist Financial reiterated their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report released on Thursday morning, Benzinga reports. Truist Financial currently has a $10.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $11.00.

Several other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Rivian Automotive from a neutral rating to an underweight rating and decreased their price objective for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. The Goldman Sachs Group dropped their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating on the stock in a report on Thursday, January 25th. DA Davidson decreased their target price on Rivian Automotive from $19.00 to $17.00 and set a neutral rating for the company in a research note on Thursday, February 22nd. Wolfe Research reaffirmed a peer perform rating on shares of Rivian Automotive in a report on Thursday, January 4th. Finally, Robert W. Baird cut their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating on the stock in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $19.57.

Rivian Automotive Stock Up 2.4 %

Rivian Automotive stock traded up $0.24 during mid-day trading on Thursday, reaching $10.07. 47,151,951 shares of the company’s stock were exchanged, compared to its average volume of 38,779,584. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a fifty day moving average of $10.40 and a 200-day moving average of $15.19.

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

Insider Buying and Selling at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following 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 can be accessed through this link. In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following 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 can be accessed through this link. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. raised its holdings in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Morgan Stanley raised its holdings in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.