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

Benchmark reiterated their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) 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.

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:RIVN) 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

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.