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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $18.00 price objective on the electric vehicle automaker’s stock. Benchmark’s target price points to a potential upside of 62.85% from the stock’s previous close.

Several other research firms have also commented on RIVN. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Truist Financial raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Wells Fargo & Company lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Finally, Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $14.64.

Rivian Automotive Trading Up 0.3 %

Shares of NASDAQ RIVN opened at $11.05 on Tuesday. The business’s 50 day moving average price is $12.65 and its 200-day moving average price is $12.23. The company has a market cap of $12.50 billion, a price-to-earnings ratio of -2.34 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, sell-side analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,735,619 in the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. increased its holdings in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after purchasing an additional 54,053 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $1,382,000. Alberta Investment Management Corp purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $6,648,000. Finally, Illinois Municipal Retirement Fund raised its stake in Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock worth $1,974,000 after acquiring an additional 39,751 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.