Rivian Automotive (NASDAQ:RIVN) Given Buy Rating at Benchmark

Benchmark reiterated their buy rating on shares of Rivian Automotive (NASDAQ:RIVNFree Report) in a research note published on Tuesday,Benzinga reports. The firm currently has a $18.00 target price on the electric vehicle automaker’s stock.

A number of other analysts have also recently weighed in on RIVN. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $14.64.

Get Our Latest Stock Analysis on Rivian Automotive

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $11.20 on Tuesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $12.66 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.86. The business has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $12.21.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 in the last quarter. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Geode Capital Management LLC raised its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at $123,308,000. Soma Equity Partners LP grew its holdings in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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