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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “hold” rating reissued by Truist Financial in a research note issued to investors on Thursday, Benzinga reports. They presently 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 target price indicates a potential downside of 0.70% from the company’s previous close.

Several other research analysts have also recently commented on the company. Mizuho reissued a “neutral” rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Monday, March 25th. Evercore ISI dropped their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Bank of America dropped their price objective on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Stifel Nicolaus dropped their price objective on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Finally, DA Davidson dropped their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.57.

Rivian Automotive Stock Performance

NASDAQ RIVN traded up $0.24 during trading hours on Thursday, hitting $10.07. 47,151,951 shares of the company traded hands, compared to its average volume of 38,779,584. The business’s 50-day moving average is $10.40 and its 200-day moving average is $15.19. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, sell-side analysts forecast that Rivian Automotive will post -4.77 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction 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 owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction 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 owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction 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 directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive during the 3rd quarter valued at $27,000. First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.