Analysts Set Rivian Automotive, Inc. (NASDAQ:RIVN) Target Price at $16.74

Rivian Automotive, Inc. (NASDAQ:RIVN) has been assigned an average recommendation of “Hold” from the twenty-four ratings firms that are presently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $16.7350.

Several research firms have recently commented on RIVN. Wolfe Research lowered shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. The Goldman Sachs Group increased their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Finally, Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total transaction of $279,723.50. Following the transaction, the chief executive officer directly owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 120,154 shares of company stock worth $2,143,724 over the last three months. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. increased its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $27,000. Mather Group LLC. acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $30,000. Finally, Fairman Group LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $31,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 1.8%

Shares of RIVN opened at $14.96 on Friday. The firm has a market capitalization of $18.34 billion, a price-to-earnings ratio of -4.81 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive has a 1-year low of $10.36 and a 1-year high of $22.69. The company has a 50-day moving average of $17.80 and a 200 day moving average of $15.29.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.