Rivian Automotive (NASDAQ:RIVN) Now Covered by Analysts at Guggenheim

Guggenheim began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $18.00 price target on the electric vehicle automaker’s stock. Guggenheim’s price objective indicates a potential upside of 63.49% from the stock’s current price.

Other analysts also recently issued reports about the company. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $18.96.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $11.01 on Tuesday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $10.29 and its 200 day moving average price is $13.59. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of -1.91 and a beta of 2.00.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. As a group, research analysts forecast that Rivian Automotive will post -4.96 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the stock. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive during the third quarter worth $27,000. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at $33,000. Finally, Benjamin Edwards Inc. bought a new position in shares of Rivian Automotive in the 1st quarter worth about $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.